Question: Swifty Department Store uses a perpetual inventory system. Data for product E2-D2 include the following purchases. Date Number of Units Unit Cost May 7 50
Swifty Department Store uses a perpetual inventory system. Data for product E2-D2 include the following purchases. Date Number of Units Unit Cost May 7 50 $15 July 28 30 15 On June 1, Swifty sold 26 units, and on August 27, 43 more units. Prepare the perpetual inventory schedule for the above transactions using FIFO. Date May 7 June 1 July 28 A $ +A Aug. 27 $ Purchases 750 Product E2-D2 Cost of Goods Sold +A $ 0 +A $ 390 360 $ +A AA A Balance 750 360 360 $ $ 285 Prepare the perpetual inventory schedule for the above transactions using LIFO. Date May 7 June 1 July 28 Purchases +A $ $ +A 750 Product E2-D2 Cost of Goods Sold LA $ $ +A Aug. 27 $ 0 $ 0 +A $ A $ Balance 750 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 O decimal places, e.g. 1,250.) Date Purchases May 7 June 1 750 $ 0 July 28 $ Aug. 27 $ Product E2-D2 Cost of Goods Sold A +A A 0 0 Balance A A A A 750
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