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LIFO perpetual inventory The beginning inventory at Dunne Co. and data on purchases and sales for a three-month period are as follows: Date Transaction Number of Units Per Unit Total Apr. 3 Inventory 72 $375 $27,000 8 Purchase 144 450 64,800 11 Sale 96 1,250 120,000 30 Sale 60 1,250 75,000 May 8 Purchase 120 500 60,000 10 Sale 72 1,250 90,000 19 Sale 36 1,250 45,000 28 Purchase 120 550 66,000 June 5 Sale 72 1,315 94,680 16 Sale 96 1,315 126,240 21 Purchase 216 600 129,600 28 Sale 108 1,315 142,020 Required: 1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in Exhibit 4, using the last-in, out method. Under LIFO, if units are in inventory at two different costs, enter the units with the HIGHER unit cost first in the Cost of Goods Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column.

LIFO perpetual inventory The beginning inventory at Dunne Co. and data on purchases and sales for a three-month period are as follows: Date Transaction Number of Units Per Unit Total Apr. 3 Inventory 72 $375 $27,000 8 Purchase 144 450 64,800 11 Sale 96 1,250 120,000 30 Sale 60 1,250 75,000 May 8 Purchase 120 500 60,000 10 Sale 72 1,250 90,000 19 Sale 36 1,250 45,000 28 Purchase 120 550 66,000 June 5 Sale 72 1,315 94,680 16 Sale 96 1,315 126,240 21 Purchase 216 600 129,600 28 Sale 108 1,315 142,020 Required: 1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in Exhibit 4, using the last-in, out method. Under LIFO, if units are in inventory at two different costs, enter the units with the HIGHER unit cost first in the Cost of Goods Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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LIFO perpetual inventory Number of Units Per Unit The beginning inventory at Dunne Co. and data on purchases and sales for a three-month period are as follows: Date Transaction Total Apr. 3 Inventory 72 $375 $27,000 8 Purchase 144 450 64,800 11 Sale 96 1,250 120,000 30 Sale 60 1,250 75,000 May 8 Purchase 120 500 60,000 10 Sale 72 1,250 90,000 19 Sale 36 1,250 45,000 28 Purchase 120 550 66,000 June 5 Sale 72 1,315 94,680 16 Sale 96 1,315 126,240 21 Purchase 216 600 129,600 28 Sale 108 1,315 142,020 Required: 1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in Exhibit 4, using the last-in, first- out method. Under LIFO, if units are in inventory at two different costs, enter the units with the HIGHER unit cost first in the Cost of Goods Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column.
Transcribed Image Text:LIFO perpetual inventory Number of Units Per Unit The beginning inventory at Dunne Co. and data on purchases and sales for a three-month period are as follows: Date Transaction Total Apr. 3 Inventory 72 $375 $27,000 8 Purchase 144 450 64,800 11 Sale 96 1,250 120,000 30 Sale 60 1,250 75,000 May 8 Purchase 120 500 60,000 10 Sale 72 1,250 90,000 19 Sale 36 1,250 45,000 28 Purchase 120 550 66,000 June 5 Sale 72 1,315 94,680 16 Sale 96 1,315 126,240 21 Purchase 216 600 129,600 28 Sale 108 1,315 142,020 Required: 1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in Exhibit 4, using the last-in, first- out method. Under LIFO, if units are in inventory at two different costs, enter the units with the HIGHER unit cost first in the Cost of Goods Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column.
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