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Abbotts Department Store uses a perpetual inventory

Resolved Question:

Abbott's 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      13

On June 1, Abbott's sold 30 units and on August 27, 35 more units.
Compute the value of ending inventory (round your answer to the nearest dollar):
(a) FIFO $   
(b) LIFO $   
(c) Average Cost $

In computing average cost of each sale, round average cost to the nearest penny. Round ending inventory under average cost to the nearest dollar.
Submitted: 10 years ago.
Category: Homework
Expert:  Manal Elkhoshkhany replied 10 years ago.

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