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 90 $ 150 $ 13,500 8 Purchase 180 180 32,400 11 Sale 121 500 60,500 30 Sale 76 500 38,000 May 8 Purchase 150 200 30,000 10 Sale 90 500 45,000 19 Sale 45 500 22,500 28 Purchase 150 220 33,000 June 5 Sale 90 525 47,250 16 Sale 120 525 63,000 21 Purchase 270 240 64,800 28 Sale 135 525 70,875 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. Dunne Co. Schedule of Cost of Goods Sold LIFO 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 $ $ Apr. 8 $ $ Apr. 11 $ $ Apr. 30 May 8 May 10 May 19 May 28 June 5 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 on June 30. $

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 90 $ 150 $ 13,500 8 Purchase 180 180 32,400 11 Sale 121 500 60,500 30 Sale 76 500 38,000 May 8 Purchase 150 200 30,000 10 Sale 90 500 45,000 19 Sale 45 500 22,500 28 Purchase 150 220 33,000 June 5 Sale 90 525 47,250 16 Sale 120 525 63,000 21 Purchase 270 240 64,800 28 Sale 135 525 70,875 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. Dunne Co. Schedule of Cost of Goods Sold LIFO 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 $ $ Apr. 8 $ $ Apr. 11 $ $ Apr. 30 May 8 May 10 May 19 May 28 June 5 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 on June 30. $

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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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	90		$ 150	$ 13,500
8	Purchase	180		180	32,400
11	Sale	121		500	60,500
30	Sale	76		500	38,000
May 8	Purchase	150		200	30,000
10	Sale	90		500	45,000
19	Sale	45		500	22,500
28	Purchase	150		220	33,000
June 5	Sale	90		525	47,250
16	Sale	120		525	63,000
21	Purchase	270		240	64,800
28	Sale	135		525	70,875

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.

Dunne Co. Schedule of Cost of Goods Sold LIFO 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								$	$
Apr. 8		$	$

Apr. 11					$	$

Apr. 30

May 8

May 10

May 19

May 28


June 5


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 on June 30.
$

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