Question
Waterway Department Store uses a perpetual inventory system. Data for product E2-D2 include the following purchases. Date Number of Units Unit Cost May 7 45
Waterway Department Store uses a perpetual inventory system. Data for product E2-D2 include the following purchases.
Date | Number of Units | Unit Cost | |||
---|---|---|---|---|---|
May 7 | 45 | $13 | |||
July 28 | 30 | 16 |
On June 1, Waterway sold 25 units, and on August 27, 41 more units.
(a)
Prepare the perpetual inventory schedule for the above transactions using FIFO.
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 |
(b)
Prepare the perpetual inventory schedule for the above transactions using LIFO.
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 |
(c)
Prepare the perpetual inventory schedule for the above transactions using moving-average cost. (Round average-cost per unit to 3 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 |
please help me solve questions a, and c using the above transaction.
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