LIFO Perpetual InventoryThe beginning inventory of merchandise at Dunne Co. and data on purchases and sales for a three-month periodending June 30 are as follows:NumberDateTransactionPer Unit Totalof UnitsApr. 3Inventory36$225$8,1008Purchase7227019,44011Sale480075036,00030Sale3075022,500May 8Purchase606030018,00010Sale3675027,00019Sale1875013,50028Purchase6033019,800June 5 Sale3679028,44016Sale4879037,92021Purchase10836038,88028Sale5479042,660Required:1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar tothe one illustrated in Exhibit 4, using the last-in, first-out method. Under LIFO, if units are in inventory at twodifferent costs, enter the units with the HIGHER unit cost first in the Cost of Merchandise Sold Unit Cost columnand LOWER unit cost first in the Inventory Unit Cost column. Apr. 30May 8May 10May 19May 28June 5June 16June 21June 28June 30Balances2. Determine the total sales, the total cost of merchandise sold, and the gross profit from sales for the period.Total salesTotal cost of merchandise soldGross profit$3. Determine the ending inventory cost on June 30.$

Name: LIFO Perpetual InventoryThe beginning inventory of merchandise at Dun
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Description: LIFO Perpetual InventoryThe beginning inventory of merchandise at Dunne Co. and data on purchases and sales for a three-month periodending June 30 are as follows:NumberDateTransactionPer Unit Totalof UnitsApr. 3Inventory36$225$8,1008Purchase7227019,

LIFO stands for Last-In, First-Out. It is a method used for inventory valuation and cost of goods…

Business

Accounting

June 5 June 16 June 21 June 28 June 30 Balances 2. Determine the total sales, the total cost of merchandise sold, and the gross profit from sales for the period. Total sales Total cost of merchandise sold Gross profit 3. Determine the ending inventory cost on June 30. $

June 5 June 16 June 21 June 28 June 30 Balances 2. Determine the total sales, the total cost of merchandise sold, and the gross profit from sales for the period. Total sales Total cost of merchandise sold Gross profit 3. Determine the ending inventory cost on June 30. $

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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