LIFO 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 Per Unit Total of Units Apr. 3 Inventory 48 $225 $10,800 8 Purchase 96 270 25,920 11 Sale 64 750 48,000 30 Sale 40 750 30,000 May 8 Purchase 80 300 24,000 10 Sale 48 750 36,000 19 Sale 24 750 18,000 28 Purchase 80 330 26,400 June 5 Sale 48 790 37,920 16 Sale 64 790 50,560 21 Purchase 144 360 51,840 28 Sale 72 790 56,880 Required: 1. Record the inventory, purchases, and cost of merchandise 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 Merchandise Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column. < Dunne Co. Schedule of Cost of Merchandise Sold LIFO Method For the three-months ended June 30 Cost of Merchandise Sold Quantity 64 48 48 Unit Cost 270 Inventory Unit Cost Total Cost $ Total Cost Quantity $ ☐ ☐ I IIII ?
LIFO 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 Per Unit Total of Units Apr. 3 Inventory 48 $225 $10,800 8 Purchase 96 270 25,920 11 Sale 64 750 48,000 30 Sale 40 750 30,000 May 8 Purchase 80 300 24,000 10 Sale 48 750 36,000 19 Sale 24 750 18,000 28 Purchase 80 330 26,400 June 5 Sale 48 790 37,920 16 Sale 64 790 50,560 21 Purchase 144 360 51,840 28 Sale 72 790 56,880 Required: 1. Record the inventory, purchases, and cost of merchandise 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 Merchandise Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column. < Dunne Co. Schedule of Cost of Merchandise Sold LIFO Method For the three-months ended June 30 Cost of Merchandise Sold Quantity 64 48 48 Unit Cost 270 Inventory Unit Cost Total Cost $ Total Cost Quantity $ ☐ ☐ I IIII ?
Chapter1: Financial Statements And Business Decisions
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