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Aberdeen Auto Mart uses a perpetual inventory system and reports the following transactions for the month of May for one of its products: Date May 1 Explanation Beginning inventory Units Cost/Price 20 $3.00 May 5 Purchase 5 3.25 May 13 Sale 22 10.00 May 20 Purchase 7 3.55 May 24 Purchase 5 3.70 May 31 Sale 13 10.00 Required: a.) Prepare inventory records using: i. The FIFO method ii. The LIFO method iii. The weighted average method

Aberdeen Auto Mart uses a perpetual inventory system and reports the following transactions for the month of May for one of its products: Date May 1 Explanation Beginning inventory Units Cost/Price 20 $3.00 May 5 Purchase 5 3.25 May 13 Sale 22 10.00 May 20 Purchase 7 3.55 May 24 Purchase 5 3.70 May 31 Sale 13 10.00 Required: a.) Prepare inventory records using: i. The FIFO method ii. The LIFO method iii. The weighted average method

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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Aberdeen Auto Mart uses a perpetual inventory system and reports the following transactions for the month of May for one of its products: Date May 1 Explanation Beginning inventory Units Cost/Price 20 $3.00 May 5 Purchase 5 3.25 May 13 Sale 22 10.00 May 20 Purchase 7 3.55 May 24 Purchase 5 3.70 May 31 Sale 13 10.00 Required: a.) Prepare inventory records using: i. The FIFO method ii. The LIFO method iii. The weighted average method
Transcribed Image Text:Aberdeen Auto Mart uses a perpetual inventory system and reports the following transactions for the month of May for one of its products: Date May 1 Explanation Beginning inventory Units Cost/Price 20 $3.00 May 5 Purchase 5 3.25 May 13 Sale 22 10.00 May 20 Purchase 7 3.55 May 24 Purchase 5 3.70 May 31 Sale 13 10.00 Required: a.) Prepare inventory records using: i. The FIFO method ii. The LIFO method iii. The weighted average method
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