Abbott’s Liquor Store uses a perpetual inventory system. Data for the Texas Chardonnay include the following purchases:
|
Date |
Number of Bottles |
Unit Price |
|
May 7 |
50 |
$10 |
|
July 28 |
30 |
13 |
On June 1, Abbott’s sold 30 bottles, and on August 27, 35 more bottles. Prepare the perpetual inventory calculations for the above transactions using (a) FIFO, (b) LIFO, and (c) average cost.