FIFO Perpetual Inventory The beginning inventory at Dunne Co. and data on purchases and sales for a three-month period ending June 30 are as follows: Date    Transaction Number of Units Per Unit Total Apr. 3   Inventory 42   $375   $15,750   8   Purchase 84   450   37,800   11   Sale 56   1,250   70,000   30   Sale 35   1,250   43,750   May 8   Purchase 70   500   35,000   10   Sale 42   1,250   52,500   19   Sale 21   1,250   26,250   28   Purchase 70   550   38,500   June 5   Sale 42   1,315   55,230   16   Sale 56   1,315   73,640   21   Purchase 126   600   75,600   28   Sale 63   1,315   82,845   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 Goods Sold Unit Cost column and in the Inventory Unit Cost column. Dunne Co. Schedule of Cost of Goods Sold FIFO Method For the Three Months Ended June 30   Purchases Cost of Goods Sold Inventory Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Apr. 3             fill in the blank 1 $fill in the blank 2 $fill in the blank 3 Apr. 8 fill in the blank 4 $fill in the blank 5 $fill in the blank 6       fill in the blank 7 fill in the blank 8 fill in the blank 9 fill in the blank 10 fill in the blank 11 fill in the blank 12 Apr. 11       fill in the blank 13 $fill in the blank 14 $fill in the blank 15 fill in the blank 16 fill in the blank 17 fill in the blank 18 fill in the blank 19 fill in the blank 20 fill in the blank 21 Apr. 30       fill in the blank 22 fill in the blank 23 fill in the blank 24 fill in the blank 25 fill in the blank 26 fill in the blank 27 May 8 fill in the blank 28 fill in the blank 29 fill in the blank 30       fill in the blank 31 fill in the blank 32 fill in the blank 33 fill in the blank 34 fill in the blank 35 fill in the blank 36 May 10       fill in the blank 37 fill in the blank 38 fill in the blank 39 fill in the blank 40 fill in the blank 41 fill in the blank 42 fill in the blank 43 fill in the blank 44 fill in the blank 45 May 19       fill in the blank 46 fill in the blank 47 fill in the blank 48 fill in the blank 49 fill in the blank 50 fill in the blank 51 May 28 fill in the blank 52 fill in the blank 53 fill in the blank 54       fill in the blank 55 fill in the blank 56 fill in the blank 57 fill in the blank 58 fill in the blank 59 fill in the blank 60 June 5       fill in the blank 61 fill in the blank 62 fill in the blank 63 fill in the blank 64 fill in the blank 65 fill in the blank 66 June 16       fill in the blank 67 fill in the blank 68 fill in the blank 69 fill in the blank 70 fill in the blank 71 fill in the blank 72 June 21 fill in the blank 73 fill in the blank 74 fill in the blank 75       fill in the blank 76 fill in the blank 77 fill in the blank 78 fill in the blank 79 fill in the blank 80 fill in the blank 81 June 28       fill in the blank 82 fill in the blank 83 fill in the blank 84 fill in the blank 85 fill in the blank 86 fill in the blank 87 fill in the blank 88 fill in the blank 89 fill in the blank 90 June 30 Balances         $fill in the blank 91     $fill in the blank 92 2. Determine the total sales and the total cost of goods sold for the period. Journalize the entries in the sales and cost of goods sold accounts. Assume that all sales were on account. Record sale   fill in the blank 94         fill in the blank 96 Record cost   fill in the blank 98         fill in the blank 100 3.  Determine the gross profit from sales for the period. $fill in the blank 101

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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 30 are as follows:

Date    Transaction Number
of Units
Per Unit Total
Apr. 3   Inventory 42   $375   $15,750  
8   Purchase 84   450   37,800  
11   Sale 56   1,250   70,000  
30   Sale 35   1,250   43,750  
May 8   Purchase 70   500   35,000  
10   Sale 42   1,250   52,500  
19   Sale 21   1,250   26,250  
28   Purchase 70   550   38,500  
June 5   Sale 42   1,315   55,230  
16   Sale 56   1,315   73,640  
21   Purchase 126   600   75,600  
28   Sale 63   1,315   82,845  

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 Goods Sold Unit Cost column and in the Inventory Unit Cost column.

Dunne Co.
Schedule of Cost of Goods Sold
FIFO Method
For the Three Months Ended June 30
  Purchases Cost of Goods Sold Inventory
Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost
Apr. 3             fill in the blank 1 $fill in the blank 2 $fill in the blank 3
Apr. 8 fill in the blank 4 $fill in the blank 5 $fill in the blank 6       fill in the blank 7 fill in the blank 8 fill in the blank 9
fill in the blank 10 fill in the blank 11 fill in the blank 12
Apr. 11       fill in the blank 13 $fill in the blank 14 $fill in the blank 15 fill in the blank 16 fill in the blank 17 fill in the blank 18
fill in the blank 19 fill in the blank 20 fill in the blank 21
Apr. 30       fill in the blank 22 fill in the blank 23 fill in the blank 24 fill in the blank 25 fill in the blank 26 fill in the blank 27
May 8 fill in the blank 28 fill in the blank 29 fill in the blank 30       fill in the blank 31 fill in the blank 32 fill in the blank 33
fill in the blank 34 fill in the blank 35 fill in the blank 36
May 10       fill in the blank 37 fill in the blank 38 fill in the blank 39 fill in the blank 40 fill in the blank 41 fill in the blank 42
fill in the blank 43 fill in the blank 44 fill in the blank 45
May 19       fill in the blank 46 fill in the blank 47 fill in the blank 48 fill in the blank 49 fill in the blank 50 fill in the blank 51
May 28 fill in the blank 52 fill in the blank 53 fill in the blank 54       fill in the blank 55 fill in the blank 56 fill in the blank 57
fill in the blank 58 fill in the blank 59 fill in the blank 60
June 5       fill in the blank 61 fill in the blank 62 fill in the blank 63 fill in the blank 64 fill in the blank 65 fill in the blank 66
June 16       fill in the blank 67 fill in the blank 68 fill in the blank 69 fill in the blank 70 fill in the blank 71 fill in the blank 72
June 21 fill in the blank 73 fill in the blank 74 fill in the blank 75       fill in the blank 76 fill in the blank 77 fill in the blank 78
fill in the blank 79 fill in the blank 80 fill in the blank 81
June 28       fill in the blank 82 fill in the blank 83 fill in the blank 84 fill in the blank 85 fill in the blank 86 fill in the blank 87
fill in the blank 88 fill in the blank 89 fill in the blank 90
June 30 Balances         $fill in the blank 91     $fill in the blank 92

2. Determine the total sales and the total cost of goods sold for the period. Journalize the entries in the sales and cost of goods sold accounts. Assume that all sales were on account.

Record sale   fill in the blank 94  
      fill in the blank 96
Record cost   fill in the blank 98  
      fill in the blank 100

3.  Determine the gross profit from sales for the period.
$fill in the blank 101

4.  Determine the ending inventory cost as of June 30.
$fill in the blank 102

5.  Based upon the preceding data, would you expect the ending inventory using the last-in, first-out method to be higher or lower?
 

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