Sheridan Department Store uses a perpetual inventory system. Data for product E2-D2 include the following purchases. Date Number of Units Unit Cost May 7 55 $11 July 28 25 14 On June 1, Sheridan sold 20 units, and on August 27, 45 more units. (a) Your answer is partially correct. Prepare the perpetual inventory schedule for the above transactions using FIFO. Product E2-D2 Date Purchases Cost of Goods Sold Balance May 7 $enter a dollar amount Correct answer $enter a dollar amount Correct answer $enter a dollar amount Correct answer June 1 $enter a dollar amount Correct answer $enter a dollar amount Correct answer $enter a dollar amount Correct answer July 28 $enter a dollar amount Correct answer $enter a dollar amount Correct answer $enter a dollar amount Correct answer Aug. 27 $enter a dollar amount Correct answer $enter a dollar amount Incorrect answer $enter a dollar amount Incorrect answer eTextbook and Media Assistance Used eTextbook Save for Later Attempts: unlimited Submit Answer (b) Your answer is partially correct. Prepare the perpetual inventory schedule for the above transactions u

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 12E: Alternative Inventory Methods Park Companys perpetual inventory records indicate the following...

Your answer is partially correct.

Prepare the perpetual inventory schedule for the above transactions using FIFO.

Product E2-D2
Date	Purchases	Cost of Goods Sold	Balance
May 7	$enter a dollar amount Correct answer	$enter a dollar amount Correct answer	$enter a dollar amount Correct answer
June 1	$enter a dollar amount Correct answer	$enter a dollar amount Correct answer	$enter a dollar amount Correct answer
July 28	$enter a dollar amount Correct answer	$enter a dollar amount Correct answer	$enter a dollar amount Correct answer
Aug. 27	$enter a dollar amount Correct answer	$enter a dollar amount Incorrect answer	$enter a dollar amount Incorrect answer