LIFO Perpetual InventoryThe beginning inventory at Dunne Co. and data on purchases and sales for a three-month period are as follows:NumberDateTransactionof UnitsPer Unit TotalApr. 3 Inventory36$600$21,6008.Purchase7272051,84011Sale482,00096,00030Sale302,00060,000May 8 Purchase6080048,00010 Sale362,00072,00019Sale182,00036,00028Purchase6088052,800June 5Sale362,10075,60016Sale482,100100,80021Purchase108960103,68028Sale542,100113,400For the Three Months Ended June 30PurchasesCost of Goods Sold1.DateQuantityUnit CostTotal CostQuantityUnit CostTotal CostQuantityApr. 3Apr. 8Apr. 11Apr. 30May BMay 10May 19Chapter 6- Assignment 3 assignment take frameMay 28June SJune 16June 21June 28June 30Balances2. Determine the total sales, the total cost of goods sold, and the gross profit from sales for the period.Total salesTotal cost of goods soldGross profit from sales3. Determine the ending inventory cost as of June 30.

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Description: LIFO Perpetual InventoryThe beginning inventory at Dunne Co. and data on purchases and sales for a three-month period are as follows:NumberDateTransactionof UnitsPer Unit TotalApr. 3 Inventory36$600$21,6008.Purchase7272051,84011Sale482,00096,00030Sa

Using LIFO method, the units purchased at last are to be sold first.

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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: Number Date Transaction of Units Per Unit Total Apr. 3 Inventory 36 $600 $21,600 8. Purchase 72 720 51,840 11 Sale 48 2,000 96,000 30 Sale 30 2,000 60,000 May 8 Purchase 60 800 48,000 10 Sale 36 2,000 72,000 19 Sale 18 2,000 36,000 28 Purchase 60 880 52,800 June 5 Sale 36 2,100 75,600 16 Sale 48 2,100 100,800

LIFO Perpetual Inventory The beginning inventory at Dunne Co. and data on purchases and sales for a three-month period are as follows: Number Date Transaction of Units Per Unit Total Apr. 3 Inventory 36 $600 $21,600 8. Purchase 72 720 51,840 11 Sale 48 2,000 96,000 30 Sale 30 2,000 60,000 May 8 Purchase 60 800 48,000 10 Sale 36 2,000 72,000 19 Sale 18 2,000 36,000 28 Purchase 60 880 52,800 June 5 Sale 36 2,100 75,600 16 Sale 48 2,100 100,800

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter6: Inventories

Section: Chapter Questions

Problem 4BE: Beginning inventory, purchases, and sales for WCS12 are as follows: Assuming a perpetual inventory...

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Concept explainers

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.

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Question

LIFO Perpetual Inventory
The beginning inventory at Dunne Co. and data on purchases and sales for a three-month period are as follows:
Number
Date
Transaction
of Units
Per Unit Total
Apr. 3 Inventory
36
$600
$21,600
8.
Purchase
72
720
51,840
11
Sale
48
2,000
96,000
30
Sale
30
2,000
60,000
May 8 Purchase
60
800
48,000
10 Sale
36
2,000
72,000
19
Sale
18
2,000
36,000
28
Purchase
60
880
52,800
June 5
Sale
36
2,100
75,600
16
Sale
48
2,100
100,800
21
Purchase
108
960
103,680
28
Sale
54
2,100
113,400
For the Three Months Ended June 30
Purchases
Cost of Goods Sold
1.
Date
Quantity
Unit Cost
Total Cost
Quantity
Unit Cost
Total Cost
Quantity
Apr. 3
Apr. 8
Apr. 11
Apr. 30
May B
May 10
May 19
Chapter 6- Assignment 3 assignment take frame
May 28
June S
June 16
June 21
June 28
June 30
Balances
2. Determine the total sales, the total cost of goods sold, and the gross profit from sales for the period.
Total sales
Total cost of goods sold
Gross profit from sales
3. Determine the ending inventory cost as of June 30.

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