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Cheyenne corp uses a perpetual inventory system prepare the

Question - Cheyenne Corp. uses a perpetual inventory system. Data for product E2-D2 include the following purchases.

May 7 125 (units) $11 (price)

July 28 75 (units) $18 (price

On June 1, Cheyenne sold 65 units, and on August 27, 100 more units.

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

2. Prepare the perpetual inventory schedule for the above transactions using LIFO.

3. Prepare the perpetual inventory schedule for the above transactions using moving-average cost.

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Accounting Basics: Cheyenne corp uses a perpetual inventory system prepare the

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