Vaughn Department Store uses a perpetual inventory system. Data for product E2-D2 include the following purchases.DateMay 7July 28DateMay 7June 1July 28On June 1, Vaughn sold 25 units, and on August 27, 46 more units.(a)Prepare the perpetual inventory schedule for the above transactions using FIFO.DateMay 7June 1July 28Aug. 27 $Aug. 27Number of UnitsDateMay 7$tAJuly 28$Aug. 27$LA$$LA$$Prepare the perpetual inventory schedule for the above transactions using LIFO.June 1 $$55LA30tA$$PurchasesUnit Cost$15Purchases18PurchasesLA$$LA$tA$Product E2-D2$tA$Product E2-D2$LA$Product E2-D2$LACost of Goods SoldCost of Goods SoldPrepare the perpetual inventory schedule for the above transactions using moving-average cost. (Round average-cost per unit to 3decimal places, e.g. 12.50 and final answers to O decimal places, e.g. 1,250.)$LA$LA$$Cost of Goods Sold$LA$LAW$$LA$$$LA$LA$tA$$LABalance20BalanceBalance

Name: Vaughn Department Store uses a perpetual inventory system. Data for p
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Description: Vaughn Department Store uses a perpetual inventory system. Data for product E2-D2 include the following purchases.DateMay 7July 28DateMay 7June 1July 28On June 1, Vaughn sold 25 units, and on August 27, 46 more units.(a)Prepare the perpetual invento

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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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Vaughn Department Store uses a perpetual inventory system. Data for product E2-D2 include the following purchases.
Date
May 7
July 28
Date
May 7
June 1
July 28
On June 1, Vaughn sold 25 units, and on August 27, 46 more units.
(a)
Prepare the perpetual inventory schedule for the above transactions using FIFO.
Date
May 7
June 1
July 28
Aug. 27 $
Aug. 27
Number of Units
Date
May 7
$
tA
July 28
$
Aug. 27
$
LA
$
$
LA
$
$
Prepare the perpetual inventory schedule for the above transactions using LIFO.
June 1 $
$
55
LA
30
tA
$
$
Purchases
Unit Cost
$15
Purchases
18
Purchases
LA
$
$
LA
$
tA
$
Product E2-D2
$
tA
$
Product E2-D2
$
LA
$
Product E2-D2
$
LA
Cost of Goods Sold
Cost of Goods Sold
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.)
$
LA
$
LA
$
$
Cost of Goods Sold
$
LA
$
LA
W
$
$
LA
$
$
$
LA
$
LA
$
tA
$
$
LA
Balance
20
Balance
Balance

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The ledger of Crane Company contains the following balances: Owner’s Capital $29,200, Owner’s
Drawings $2,700, Service Revenue $50,000, Salaries and Wages Expense $27,400, and Supplies
Expense $7,100.
The closing entries are as follows:
(1) Close revenue accounts.
(2) Close expense accounts.
(3) Close net income/(loss).
(4) Close drawings.
Enter the balances in T-accounts, post the closing entries in the order presented in the problem
and use the numbers as a reference

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