Reference no: EM132647701

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

Date         Number of Units           Unit                Price
May               7                            50               $10
July               28                             30           14

On June 1, Coronado sold 27 units, and on August 27, 42 more units.

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

Product E2-D2

Date Purchases Cost of Goods Sold Balance
May 7 $? $ ? $?
June 1 $? $? $?
June 28 $? $? $?
Aug. 27 $? $? $?

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