Question

Assume Time 2 Shop began October with an inventory of 24 smart watches that cost $54 each. Time 2 Shop sells them for $130 each. During October, Time 2 Shop bought and sold inventory as follows. (Click the icon to view the transactions.) Prepare a perpetual inventory record for Time 2 Shop under each method. • FIFO • Moving-weighted-average cost Transactions Watches October 3 Sold 19 smart watches for $130 each. Cost of Goods Sold October 16 Purchased 27 smart watches at $67 each. October 23 Sold 23 smart watches for $130 each. Quantity Unit Cost Total Cost October 3 19 54 2,470 October 23 23 130 2,990 Ending 42 5,460 Print Done -X

          Assume Time 2 Shop began October with an inventory of 24 smart watches that cost $54 each. Time 2 Shop sells them for $130 each. During October,
Time 2 Shop bought and sold inventory as follows.
(Click the icon to view the transactions.)
Prepare a perpetual inventory record for Time 2 Shop under each method.
• FIFO
• Moving-weighted-average cost
Transactions
Watches
October 3
Sold 19 smart watches for $130 each.
Cost of Goods Sold
October 16
Purchased 27 smart watches at $67 each.
October 23
Sold 23 smart watches for $130 each.
Quantity Unit Cost
Total Cost
October 3
19
54
2,470
October 23
23
130
2,990
Ending
42
5,460
Print
Done
-X

Assume Time 2 Shop began October with an inventory of 24 smart watches that cost 54 each. Time 2 Shop sells them for130 each. During October,
Time 2 Shop bought and sold inventory as follows.
(Click the icon to view the transactions.)
Prepare a perpetual inventory record for Time 2 Shop under each method.
• FIFO
• Moving-weighted-average cost
Transactions
Watches
October 3
Sold 19 smart watches for 130 each.
Cost of Goods Sold
October 16
Purchased 27 smart watches at67 each.
October 23
Sold 23 smart watches for 130 each.
Quantity Unit Cost
Total Cost
October 3
19
54
2,470
October 23
23
130
2,990
Ending
42
5,460
Print
Done
-X

Added by Lisa P.

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