6 Nash's Department Store uses a perpetual inventory system. Data for product E2-D2 include the following purchases. Date May 7 July 28 (a) Date Number of Units On June 1, Nash's sold 31 units, and on August 27, 43 more units. Your answer is partially correct. May 7 £ June 1 July 28 Aug 27 Prepare the perpetual inventory schedule for the above transactions using FIFO. 53 £ 31 £ Unit Price £ Purchases £8 424 18 558 Product E2-D2 DOO [11 £ Cost of Goods Sold £ 248 622 £ E £ £ Balance 424 110 176

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Subject : Accounting

B
Nash's Department Store uses a perpetual inventory system. Data for product E2-D2 include the following purchases.
Date
May
July 28
7
(a)
Date
On June 1, Nash's sold 31 units, and on August 27, 43 more units.
Your answer is partially correct.
May 7
Number of Units
June 1
July 28
Prepare the perpetual inventory schedule for the above transactions using FIFO.
Aug. 27
£
53
31
£
Unit Price
£
E
Purchases
424
£8
[11
18
558
Product E2-D2
£
30
Cost of Goods Sold
DOO
248
622
£
£
£
£
Balance
424
100
176
Transcribed Image Text:B Nash's Department Store uses a perpetual inventory system. Data for product E2-D2 include the following purchases. Date May July 28 7 (a) Date On June 1, Nash's sold 31 units, and on August 27, 43 more units. Your answer is partially correct. May 7 Number of Units June 1 July 28 Prepare the perpetual inventory schedule for the above transactions using FIFO. Aug. 27 £ 53 31 £ Unit Price £ E Purchases 424 £8 [11 18 558 Product E2-D2 £ 30 Cost of Goods Sold DOO 248 622 £ £ £ £ Balance 424 100 176
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