Sunland Department Store uses a perpetual inventory system. Data for product E2-D2 include the following purchase...
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Sunland Department Store uses a perpetual inventory system. Data for product E2-D2 include the following purchase Date Number of Units Unit Cost May 7 55 $15 July 28 35 18 On June 1, Sunland sold 30 units, and on August 27, 49 more units. Prepare the perpetual inventory schedule for the above transactions using FIFO. Product E2-D2 Date Purchases Cost of Goods Sold Balance 825 May 7 825 June 1 $4 450 375 $4 $4 1005 630 July 28 $4 762 Aug. 27 %24 %24 %24 %24 %24 %24 %24 %24 %24 %24 %24 Prepare the perpetual inventory schedule for the above transactions using LIFO. Product E2-D2 Date Purchases Cost of Goods Sold Balance May 7 2$4 June 1 $4 $4 $4 July 28 $4 Aug. 27 $4 $4 %24 %24 %24 %24 %24 %24 %24 %24 %24 %24 %24 %24 e perpetual inventory schedule for the above transactions using moving-average cost. (Round average-cost per unit to 3 ces, e.g. 12.50 and final answers to 0 decimal places, e.g. 1,250.) Product E2-D2 Purchases Cost of Goods Sold Balance $4 $4 $4 %24 %24 %24 %24 %24 %24 %24 %24 %24 %24 %24 %24 Sunland Department Store uses a perpetual inventory system. Data for product E2-D2 include the following purchase Date Number of Units Unit Cost May 7 55 $15 July 28 35 18 On June 1, Sunland sold 30 units, and on August 27, 49 more units. Prepare the perpetual inventory schedule for the above transactions using FIFO. Product E2-D2 Date Purchases Cost of Goods Sold Balance 825 May 7 825 June 1 $4 450 375 $4 $4 1005 630 July 28 $4 762 Aug. 27 %24 %24 %24 %24 %24 %24 %24 %24 %24 %24 %24 Prepare the perpetual inventory schedule for the above transactions using LIFO. Product E2-D2 Date Purchases Cost of Goods Sold Balance May 7 2$4 June 1 $4 $4 $4 July 28 $4 Aug. 27 $4 $4 %24 %24 %24 %24 %24 %24 %24 %24 %24 %24 %24 %24 e perpetual inventory schedule for the above transactions using moving-average cost. (Round average-cost per unit to 3 ces, e.g. 12.50 and final answers to 0 decimal places, e.g. 1,250.) Product E2-D2 Purchases Cost of Goods Sold Balance $4 $4 $4 %24 %24 %24 %24 %24 %24 %24 %24 %24 %24 %24 %24
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SOLUTION 1 FIFO Method Date Purchases COGS Balance W... View the full answer
Related Book For
Financial Accounting Tools for business decision making
ISBN: 978-0470534779
6th Edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
Posted Date:
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