FIFO Perpetual Inventory The beginning inventory of merchandise at Dunne Co. and data on purchases and sales for a three-month period ending June 30 are as follows: Number Date Transaction of Units Per Unit Total Apr. 3 Inventory 78 $450 $35,100 8 Purchase 156 540 84,240 11 Sale 104 1,500 156,000 30 Sale 65 1,500 97,500 May 8 Purchase 130 600 78,000 10 Sale 78 1,500 117,000 19 Sale 39 1,500 58,500 28 Purchase 130 660 85,800 June 5 Sale 78 1,575 122,850 16 Sale 104 1,575 163,800 21 Purchase 234 720 168,480 28 Sale 117 1,575 184,275 Required: 1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 3, using the first-in, first-out method. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Merchandise Sold Unit Cost column and in the Inventory Unit Cost column. Dunne Co. Schedule of Cost of Merchandise Sold FIFO Method For the three-months ended June 30 Purchases Cost of Merchandise Sold Inventory Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Apr. 3 Apr. 8 156 Apr. 11 Apr. 30 May 8 84,240 130 600 78,000 78 26 65 97,500 X $
FIFO Perpetual Inventory The beginning inventory of merchandise at Dunne Co. and data on purchases and sales for a three-month period ending June 30 are as follows: Number Date Transaction of Units Per Unit Total Apr. 3 Inventory 78 $450 $35,100 8 Purchase 156 540 84,240 11 Sale 104 1,500 156,000 30 Sale 65 1,500 97,500 May 8 Purchase 130 600 78,000 10 Sale 78 1,500 117,000 19 Sale 39 1,500 58,500 28 Purchase 130 660 85,800 June 5 Sale 78 1,575 122,850 16 Sale 104 1,575 163,800 21 Purchase 234 720 168,480 28 Sale 117 1,575 184,275 Required: 1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 3, using the first-in, first-out method. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Merchandise Sold Unit Cost column and in the Inventory Unit Cost column. Dunne Co. Schedule of Cost of Merchandise Sold FIFO Method For the three-months ended June 30 Purchases Cost of Merchandise Sold Inventory Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Apr. 3 Apr. 8 156 Apr. 11 Apr. 30 May 8 84,240 130 600 78,000 78 26 65 97,500 X $
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:FIFO Perpetual Inventory
The beginning inventory of merchandise at Dunne Co. and data on purchases and sales for a three-month period ending June 30 are as follows:
Number
Date
Transaction
of Units
Per Unit
Total
Apr. 3
Inventory
78
$450
$35,100
8
Purchase
156
540
84,240
11
Sale
104
1,500
156,000
30
Sale
65
1,500
97,500
May 8
Purchase
130
600
78,000
10
Sale
78
1,500
117,000
19
Sale
39
1,500
58,500
28
Purchase
130
660
85,800
June 5 Sale
78
1,575
122,850
16
Sale
104
1,575
163,800
21 Purchase
234
720
168,480
28
Sale
117
1,575
184,275
Transcribed Image Text:Required:
1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 3, using the first-in, first-out
method. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Merchandise Sold Unit Cost column and in the
Inventory Unit Cost column.
Dunne Co.
Schedule of Cost of Merchandise Sold
FIFO Method
For the three-months ended June 30
Purchases
Cost of Merchandise Sold
Inventory
Date
Quantity
Unit Cost
Total Cost
Quantity
Unit Cost
Total Cost
Quantity
Unit Cost
Total Cost
Apr. 3
Apr. 8
156
Apr. 11
Apr. 30
May 8
84,240
130
600
78,000
78
26
65
97,500 X
$
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