Watches R Us specializes in designer watches and leather goods. Watches R Us uses the perpetual inventory system. Assume watches R Us began June holding 10 wrist watches that cost $50 each. During June, watches R Us bought and sold inventory as follows: June 3 Sold 8 units of $ 100 each June 16 Purchased 10 units at $56 each June 23 Sold 8 units for $100 each prepare perpetual inventory record for watches R Us using the FIFO, LIFO and weighted average inventory costing methods.
Watches R Us specializes in designer watches and leather goods. Watches R Us uses the perpetual inventory system. Assume watches R Us began June holding 10 wrist watches that cost $50 each. During June, watches R Us bought and sold inventory as follows: June 3 Sold 8 units of $ 100 each June 16 Purchased 10 units at $56 each June 23 Sold 8 units for $100 each prepare perpetual inventory record for watches R Us using the FIFO, LIFO and weighted average inventory costing methods.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Watches R Us specializes in designer watches and leather goods. Watches R Us uses the perpetual inventory system. Assume watches R Us began June holding 10 wrist watches that cost $50 each. During June, watches R Us bought and sold inventory as follows:
June 3 Sold 8 units of $ 100 each
June 16 Purchased 10 units at $56 each
June 23 Sold 8 units for $100 each
prepare perpetual inventory record for watches R Us using the FIFO, LIFO and weighted average inventory costing methods.
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