Vaughn Department Store uses a perpetual inventory system. Data for product E2-D2 include the following purchases.Date Number of Units Unit CostMay 7 45 $12 July 28 30 16 On June 1, Vaughn sold 25 units, and on August 27, 45 more units.Prepare the perpetual inventory schedule for the above transactions using FIFO.Product E2-D2Date Purchases Cost of Goods Sold BalanceMay 7 $enter a dollar amount $enter a dollar amount $enter a dollar amount June 1 $enter a dollar amount $enter a dollar amount $enter a dollar amount July 28 $enter a dollar amount $enter a dollar amount $enter a dollar amount Aug. 27 $enter a dollar amount $enter a dollar amount $enter a dollar amount

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Description: Vaughn Department Store uses a perpetual inventory system. Data for product E2-D2 include the following purchases.Date Number of Units Unit CostMay 7 45 $12 July 28 30 16 On June 1, Vaughn sold 25 units, and on August 27, 45 more units.Prepare the pe

Solution: Under prepetual inventory system, inventory records are maintained and updated with each…

Answered: Vaughn Department Store uses a…

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 50E: Inventory Costing Methods Crandall Distributors uses a perpetual inventory system and has the...

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Vaughn Department Store uses a perpetual inventory system. Data for product E2-D2 include the following purchases.

Date	Number of Units	Unit Cost
May 7	45	$12
July 28	30	16

On June 1, Vaughn sold 25 units, and on August 27, 45 more units.

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

Product E2-D2
Date	Purchases	Cost of Goods Sold	Balance
May 7	$enter a dollar amount	$enter a dollar amount	$enter a dollar amount
June 1	$enter a dollar amount	$enter a dollar amount	$enter a dollar amount
July 28	$enter a dollar amount	$enter a dollar amount	$enter a dollar amount
Aug. 27	$enter a dollar amount	$enter a dollar amount	$enter a dollar amount

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