Assignment Problem: Sheffield Department Store uses a perpetual inventory system. Data for product E2-D2 include the following purchases.
|
Date
|
Number of Units
|
Unit Price
|
|
May-07
|
50
|
$20
|
|
Jul-28
|
30
|
23
|
On June 1, Sheffield sold 20 units, and on August 27, 40 more units.
Required:
A) Prepare the perpetual inventory schedule for the above transactions using FIFO.
B) Prepare the perpetual inventory schedule for the above transactions using LIFO.
C) Prepare the perpetual inventory schedule for the above transactions using moving-average cost.
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