Question
Monty Corp. uses a perpetual inventory system. Data for product E2-D2 include the following purchases. Date Number of Units Unit Price May 7 240 $10
Monty Corp. uses a perpetual inventory system. Data for product E2-D2 include the following purchases.
Date | Number of Units | Unit Price | ||
---|---|---|---|---|
May 7 | 240 | $10 | ||
July 28 | 144 | 15 |
On June 1, Monty sold 125 units, and on August 27, 192 more units.
Prepare the perpetual inventory schedule for the above transactions using FIFO. (Round answers to 0 decimal places, e.g. 1,250.)
Product E2-D2 | ||||||
---|---|---|---|---|---|---|
Date | Purchases | Cost of Goods Sold | Balance | |||
May 7 | $enter a dollar amount | $enter a dollar amount | $enter a dollar amount | |||
June 1 | $enter a dollar amount | $enter a dollar amount | $enter a dollar amount | |||
July 28 | $enter a dollar amount | $enter a dollar amount | $enter a dollar amount | |||
Aug. 27 | $enter a dollar amount | $enter a dollar amount | $enter a dollar amount |
eTextbook and Media
Prepare the perpetual inventory schedule for the above transactions using LIFO. (Round answers to 0 decimal places, e.g. 1,250.)
Product E2-D2 | ||||||
---|---|---|---|---|---|---|
Date | Purchases | Cost of Goods Sold | Balance | |||
May 7 | $enter a dollar amount | $enter a dollar amount | $enter a dollar amount | |||
June 1 | $enter a dollar amount | $enter a dollar amount | $enter a dollar amount | |||
July 28 | $enter a dollar amount | $enter a dollar amount | $enter a dollar amount | |||
Aug. 27 | $enter a dollar amount | $enter a dollar amount | $enter a dollar amount |
eTextbook and Media
Prepare the perpetual inventory schedule for the above transactions using moving-average cost. (Round average-cost per unit to 2 decimal places, e.g. 12.50 and final answers to 0 decimal places, e.g. 1,250.)
Product E2-D2 | ||||||
---|---|---|---|---|---|---|
Date | Purchases | Cost of Goods Sold | Balance | |||
May 7 | $enter a dollar amount | $enter a dollar amount | $enter a dollar amount | |||
June 1 | $enter a dollar amount | $enter a dollar amount | $enter a dollar amount | |||
July 28 | $enter a dollar amount | $enter a dollar amount | $enter a dollar amount | |||
Aug. 27 | $enter a dollar amount | $enter a dollar amount | $enter a dollar amount |
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