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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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