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Apply cost flow methods to perpetual inventory records. Jensens Department Store uses a perpetual inventory...

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Accounting

Apply cost flow methods to perpetual inventory records.

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

Number Unit Date of Units Price May 7 50 $10 July 28 30 $13

On June 1 Jensens sold 30 units, and on August 27, 40 more units. Prepare the perpetual inventory schedule for the above transactions using (1) FIFO, (2) LIFO, and (3) Average cost.

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