A. Record the infomation on a perpetual inventory record using each of the following methods: 1. FIFO 2. moving average 3 LIFO

Quickbooks Online Accounting
3rd Edition
ISBN:9780357391693
Author:Owen
Publisher:Owen
Chapter5: Operating Activities: Purchases And Cash Payments
Section: Chapter Questions
Problem 2.6C
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Question 1
PioneerLtd is a company operating in the retail sector. The beginning inventory of
Pioduct EF50S9 and information about purchases and sales made dhuing June are shown below:
1.
6000 unit: @$2.00 per unit
4500unit: @$2.25 per unit
June
1
Inventory
4
Purchas es
Sales
4000 units
12
Purchas es
4000 units @$2.30 per unit
21
Sales
3000 units
24
Sales
2800 units
26
Purchas es
3000 unit: @$2.35 per unit
30
Sales
2500 units
Selling price for product EF5OS9 is $5 perunit. Other expenses for the monthwere $523
Required:
А.
Record the infomation on a peipetual inventory record using each of the following
methods:
1. FIFO
2. moving a verage
3 LIFO
Transcribed Image Text:Question 1 PioneerLtd is a company operating in the retail sector. The beginning inventory of Pioduct EF50S9 and information about purchases and sales made dhuing June are shown below: 1. 6000 unit: @$2.00 per unit 4500unit: @$2.25 per unit June 1 Inventory 4 Purchas es Sales 4000 units 12 Purchas es 4000 units @$2.30 per unit 21 Sales 3000 units 24 Sales 2800 units 26 Purchas es 3000 unit: @$2.35 per unit 30 Sales 2500 units Selling price for product EF5OS9 is $5 perunit. Other expenses for the monthwere $523 Required: А. Record the infomation on a peipetual inventory record using each of the following methods: 1. FIFO 2. moving a verage 3 LIFO
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