Loggins Department Store uses a perpetual inventory system. Data for product E2-D2 includes the following...
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Accounting
Loggins Department Store uses a perpetual inventory system. Data for product E2-D2 includes the following purchases.
| Date | Number of Units | Unit Price | ||
|---|---|---|---|---|
| May 7 | 50 | $10 | ||
| July 28 | 30 | 15 |
On June 1, Loggins sold 25 units, and on August 27, 30 more units.
Calculate the average cost of the goods sold in the sale. (Round answers to 3 decimal places, e.g. 5.125.)
| June 1 sale: | $ | |
|---|---|---|
| Aug. 27 sale: | $ |
Compute the cost of goods sold using FIFO, LIFO, and average-cost. (Round answers to 0 decimal places, e.g. 125.)
| FIFO | LIFO | AVERAGE-COST | ||||
|---|---|---|---|---|---|---|
| Cost of goods sold | $ | $ | $ |
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