Prepare the perpetual inventory schedule for the above transactions using LIFO. Date May 7 (c) June 1 July 28 Aug. 27 $ $ $ $ Purchases eTextbook and Media Save for Later 825 Product E2-D2 $ $ $ $ Cost of Goods Sold $ tA $ $ LA $ Balance 825 450 Attempts: 0 of 5 used Submit Answer 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.)
Prepare the perpetual inventory schedule for the above transactions using LIFO. Date May 7 (c) June 1 July 28 Aug. 27 $ $ $ $ Purchases eTextbook and Media Save for Later 825 Product E2-D2 $ $ $ $ Cost of Goods Sold $ tA $ $ LA $ Balance 825 450 Attempts: 0 of 5 used Submit Answer 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.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Prepare the perpetual inventory schedule for the above transactions using LIFO.
Date
May 7
June 1
July 28
Aug. 27
(c)
Date
May 7
$
eTextbook and Media
Save for Later
June 1
$
July 28
$
Aug. 27
$
$
$
Purchases
$
$
Purchases
825
eTextbook and Media
Product E2-D2
$
$
$
$
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 0 decimal places, e.g. 1,250.)
Product E2-D2
$
LA
$
LA
Cost of Goods Sold
$
$
$
Cost of Goods Sold
$
+A
$
$
$
$
$
Balance
$
825
450
Attempts: 0 of 5 used
Balance
Submit Answer
Transcribed Image Text:Current Attempt in Progress
Vaughn 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, Vaughn sold 25 units, and on August 27, 46 more units.
Your Answer Correct Answer
May 7
June 1
July 28
Your answer is partially correct.
Aug. 27
Prepare the perpetual inventory schedule for the above transactions using FIFO.
55
$
Solution
30
$
$
Unit Cost
$
$15
eTextbook and Media
18
Purchases
825
540
Product E2-D2
$
$
$
$
Cost of Goods Sold
375
621
$
LA
$
tA
$
$
+A
Balance
825
450
990
369
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