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6 Nash's Department Store uses a perpetual inventory system. Data for product E2-D2 include the following purchases. Date May 7 July 28 (a) Date Number of Units On June 1, Nash's sold 31 units, and on August 27, 43 more units. Your answer is partially correct. May 7 £ June 1 July 28 Aug 27 Prepare the perpetual inventory schedule for the above transactions using FIFO. 53 £ 31 £ Unit Price £ Purchases £8 424 18 558 Product E2-D2 DOO [11 £ Cost of Goods Sold £ 248 622 £ E £ £ Balance 424 110 176

6 Nash's Department Store uses a perpetual inventory system. Data for product E2-D2 include the following purchases. Date May 7 July 28 (a) Date Number of Units On June 1, Nash's sold 31 units, and on August 27, 43 more units. Your answer is partially correct. May 7 £ June 1 July 28 Aug 27 Prepare the perpetual inventory schedule for the above transactions using FIFO. 53 £ 31 £ Unit Price £ Purchases £8 424 18 558 Product E2-D2 DOO [11 £ Cost of Goods Sold £ 248 622 £ E £ £ Balance 424 110 176

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Subject : Accounting

B Nash's Department Store uses a perpetual inventory system. Data for product E2-D2 include the following purchases. Date May July 28 7 (a) Date On June 1, Nash's sold 31 units, and on August 27, 43 more units. Your answer is partially correct. May 7 Number of Units June 1 July 28 Prepare the perpetual inventory schedule for the above transactions using FIFO. Aug. 27 £ 53 31 £ Unit Price £ E Purchases 424 £8 [11 18 558 Product E2-D2 £ 30 Cost of Goods Sold DOO 248 622 £ £ £ £ Balance 424 100 176
Transcribed Image Text:B Nash's Department Store uses a perpetual inventory system. Data for product E2-D2 include the following purchases. Date May July 28 7 (a) Date On June 1, Nash's sold 31 units, and on August 27, 43 more units. Your answer is partially correct. May 7 Number of Units June 1 July 28 Prepare the perpetual inventory schedule for the above transactions using FIFO. Aug. 27 £ 53 31 £ Unit Price £ E Purchases 424 £8 [11 18 558 Product E2-D2 £ 30 Cost of Goods Sold DOO 248 622 £ £ £ £ Balance 424 100 176
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