FIFO Perpetual InventoryThe beginning inventory at Dunne Co. and data on purchases and sales for a three-month period ending June 30are as follows:NumberDateTransaction of Units Per Unit TotalApr. 3Inventory42$150 $6,3008Purchase8418015,12011 Sale56500 28,00030 Sale3550017,500May 8 Purchase70200 14,00010 Sale42500 21,00019 Sale2150010,50028 Purchase70220 15,400June 5 Sale42525 22,05016 Sale5652529,40021Purchase12624030,24028 Sale63525 33,075Required:1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar tothe one illustrated in Exhibit 3, using the first-in, first-out method. Under FIFO, if units are in inventory at twodifferent costs, enter the units with the LOWER unit cost first in the Cost of Goods Sold Unit Cost column and inthe Inventory Unit Cost column.Dunne Co.Schedule of Cost of Goods SoldFIFO MethodFor the Three Months Ended June 30PurchasesCost of Goods SoldInventoryDate QuantityUnit CostTotal CostQuantityUnit CostTotal CostQuantityUnit CostTotal CostApr. 3Apr. 8$$$Apr. 11Apr. 30 May 8May 10May 19May 28June 5June 16June 21June 28June 30 Balances$$2. Determine the total sales and the total cost of goods sold for the period. Journalize the entries in the sales andcost of goods sold accounts. Assume that all sales were on account. If an amount box does not require an entry,leave it blank.Record saleRecord cost3. Determine the gross profit from sales for the period.$4. Determine the ending inventory cost as of June 30.$5. Based upon the preceding data, would you expect the ending inventory using the last-in, first-out method to behigher or lower?

Name: FIFO Perpetual InventoryThe beginning inventory at Dunne Co. and data
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Description: FIFO Perpetual InventoryThe beginning inventory at Dunne Co. and data on purchases and sales for a three-month period ending June 30are as follows:NumberDateTransaction of Units Per Unit TotalApr. 3Inventory42$150 $6,3008Purchase8418015,12011 Sale56

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FIFO Perpetual Inventory The beginning inventory at Dunne Co. and data on purchases and sales for a three-month period ending June 3 are as follows: Number Date Transaction of Units Per Unit Total Apr. 3 Inventory 42 $150 $6,300 8 Purchase 84 180 15,120 11 Sale 56 500 28,000 30 Sale 35 500 17,500 May 8 Purchase 70 200 14,000 10 Sale 42 500 21,000 19 Sale 21 500 10,500 28 Purchase 70 220 15,400 June 5 Sale 42 525 22,050 16 Sale 56 525 29,400 21 Purchase 126 240 30,240 28 Sale 63 525 33,075

FIFO Perpetual Inventory The beginning inventory at Dunne Co. and data on purchases and sales for a three-month period ending June 3 are as follows: Number Date Transaction of Units Per Unit Total Apr. 3 Inventory 42 $150 $6,300 8 Purchase 84 180 15,120 11 Sale 56 500 28,000 30 Sale 35 500 17,500 May 8 Purchase 70 200 14,000 10 Sale 42 500 21,000 19 Sale 21 500 10,500 28 Purchase 70 220 15,400 June 5 Sale 42 525 22,050 16 Sale 56 525 29,400 21 Purchase 126 240 30,240 28 Sale 63 525 33,075

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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