Abbotts Liquor Store uses a perpetual inventory system. Data for the Texas Chardonnay include the following purchases: On June 1, Abbotts sold 30 bottles, and

Abbott’s Liquor Store uses a perpetual inventory system. Data for the Texas Chardonnay include the following purchases:

On June 1, Abbott’s sold 30 bottles, and on August 27, 35 more bottles. Prepare the perpetual inventory calculations for the above transactions using
(a) FIFO,
(b) LIFO, and
(c) Averagecost.

Date May 7 July 28 Number of Bottles 50 30 Unit Price $10 13