Vaughn Department Store uses a perpetual inventory system. Data for product E2-D2 include the following purchases.DateMay 7July 28DateMay 7June 1July 28On June 1, Vaughn sold 25 units, and on August 27, 46 more units.(a)Prepare the perpetual inventory schedule for the above transactions using FIFO.DateMay 7June 1July 28Aug. 27 $Aug. 27Number of UnitsDateMay 7$tAJuly 28$Aug. 27$LA$$LA$$Prepare the perpetual inventory schedule for the above transactions using LIFO.June 1 $$55LA30tA$$PurchasesUnit Cost$15Purchases18PurchasesLA$$LA$tA$Product E2-D2$tA$Product E2-D2$LA$Product E2-D2$LACost of Goods SoldCost of Goods SoldPrepare the perpetual inventory schedule for the above transactions using moving-average cost. (Round average-cost per unit to 3decimal places, e.g. 12.50 and final answers to O decimal places, e.g. 1,250.)$LA$LA$$Cost of Goods Sold$LA$LAW$$LA$$$LA$LA$tA$$LABalance20BalanceBalance

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Description: Vaughn Department Store uses a perpetual inventory system. Data for product E2-D2 include the following purchases.DateMay 7July 28DateMay 7June 1July 28On June 1, Vaughn sold 25 units, and on August 27, 46 more units.(a)Prepare the perpetual invento

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Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 11RE: Jessie Stores uses the periodic system of calculating inventory. The following information is...

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Vaughn Department Store uses a perpetual inventory system. Data for product E2-D2 include the following purchases.
Date
May 7
July 28
Date
May 7
June 1
July 28
On June 1, Vaughn sold 25 units, and on August 27, 46 more units.
(a)
Prepare the perpetual inventory schedule for the above transactions using FIFO.
Date
May 7
June 1
July 28
Aug. 27 $
Aug. 27
Number of Units
Date
May 7
$
tA
July 28
$
Aug. 27
$
LA
$
$
LA
$
$
Prepare the perpetual inventory schedule for the above transactions using LIFO.
June 1 $
$
55
LA
30
tA
$
$
Purchases
Unit Cost
$15
Purchases
18
Purchases
LA
$
$
LA
$
tA
$
Product E2-D2
$
tA
$
Product E2-D2
$
LA
$
Product E2-D2
$
LA
Cost of Goods Sold
Cost of Goods Sold
Prepare the perpetual inventory schedule for the above transactions using moving-average cost. (Round average-cost per unit to 3
decimal places, e.g. 12.50 and final answers to O decimal places, e.g. 1,250.)
$
LA
$
LA
$
$
Cost of Goods Sold
$
LA
$
LA
W
$
$
LA
$
$
$
LA
$
LA
$
tA
$
$
LA
Balance
20
Balance
Balance

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The ledger of Crane Company contains the following balances: Owner’s Capital $29,200, Owner’s
Drawings $2,700, Service Revenue $50,000, Salaries and Wages Expense $27,400, and Supplies
Expense $7,100.
The closing entries are as follows:
(1) Close revenue accounts.
(2) Close expense accounts.
(3) Close net income/(loss).
(4) Close drawings.
Enter the balances in T-accounts, post the closing entries in the order presented in the problem
and use the numbers as a reference

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