Brief Exercise 6-9 Rosario Department Store uses a perpetual inventory system. D

Question

Brief Exercise 6-9 Rosario Department Store uses a perpetual inventory system. Data for product E2-D2 include the following purchases. May 7 July 28 Number of Units 161 96 Unit Price $10 13 On June 1, Rosario sold 83 units, and on August 27, 128 more units. Your answer is partially correct. Try again. Prepare the perpetual inventory schedule for the above transactions using FIFO. (Round answers to o decimal places, e.g. 1,2 Product E2-D2 ate Purchases Cost of Goods Sold Batance May 7 1610 0 1610 June 1 830 780 July 28 2028 Aug. 27

Explanation / Answer

FIFO Method Date Purchases Cost of Goods Sold Balance Units Unit Price Total Units Unit Price Total Units Unit Price Total May 7             161               10          1,610             161               10          1,610 June 1               83               10              830               78               10             780 July 28               96               13          1,248               78               10             780               96               13          1,248             174          2,028 Aug 27               78               10              780               46               13             598               50               13              650             128          1,430 FIFO Method Date Purchases Cost of Goods Sold Balance May 7                                                     1,610                                                            -                                                       1,610 June 1                                                            -                                                           830                                                         780 July 28                                                     1,248                                                            -                                                       2,028 Aug 27                                                            -                                                       1,430                                                         598 LIFO Method Date Purchases Cost of Goods Sold Balance Units Unit Price Total Units Unit Price Total Units Unit Price Total May 7             161               10          1,610             161               10          1,610 June 1               83               10              830               78               10             780 July 28               96               13          1,248               78               10             780               96               13          1,248             174          2,028 Aug 27               96               13          1,248               46               10             460               32               10              320             128          1,568 LIFO Method Date Purchases Cost of Goods Sold Balance May 7                                                     1,610                                                            -                                                       1,610 June 1                                                            -                                                           830                                                         780 July 28                                                     1,248                                                            -                                                       2,028 Aug 27                                                            -                                                       1,568                                                         460 Moving Average Method Date Purchases Cost of Goods Sold Balance Units Unit Price Total Units Unit Price Total Units Unit Price Total May 7             161               10          1,610             161               10          1,610 June 1               83               10              830               78               10             780 July 28               96               13          1,248               78               10             780               96               13          1,248             174               12          2,028 Aug 27             128               12          1,492               46               12             536 Moving Average Method Date Purchases Cost of Goods Sold Balance May 7                                                     1,610                                                            -                                                       1,610 June 1                                                            -                                                           830                                                         780 July 28                                                     1,248                                                            -                                                       2,028 Aug 27                                                            -                                                       1,492                                                         536

Related Questions

Navigate

• Browse (All)
• Browse B
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.