answer in text form please (without image) Cheyenne Corp. uses a perpetual inventory system. Data for product E2-D2 include the following purchases.DateMay 7July 28FIFONumber of UnitsLIFO6437On June 1, Cheyenne sold 32 units, and on August 27, 37 more units.Compute the cost of goods sold using (a) FIFO, (b) LIFO, and (c) average-cost. (Round average cost per unit to 3 decimLALA$LAUnit PriceAverage-cost $$916Cost of Goods Sold

First in First Out (FIFO): Under this method, inventory is valued assuming that the old units were…

Answered: Compute the cost of goods sold using…

Compute the cost of goods sold using (a) FIFO, (b) LIFO, and (c) average-cost. (Round average cost per unit to 3 decin FIFO LIFO LA $ $ LA Average-cost $ GA Cost of Goods Sold

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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Question

answer in text form please (without image)

Cheyenne Corp. uses a perpetual inventory system. Data for product E2-D2 include the following purchases.
Date
May 7
July 28
FIFO
Number of Units
LIFO
64
37
On June 1, Cheyenne sold 32 units, and on August 27, 37 more units.
Compute the cost of goods sold using (a) FIFO, (b) LIFO, and (c) average-cost. (Round average cost per unit to 3 decim
LA
LA
$
LA
Unit Price
Average-cost $
$9
16
Cost of Goods Sold

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Step 1: Methods of Inventory Valuation

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Step 2: (a) FIFO Method:

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Step 3: (a) LIFO Method:

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Step 4: Average Cost Method

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