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: Date Transaction Number of Units Per Unit Total Apr. 3 Inventory 84 $225 $18,900 8 Purchase 168 270 45,360 11 Sale 113 750 84,750 30 Sale 71 750 53,250 May 8 Purchase 140 300 42,000 10 Sale 84 750 63,000 19 Sale 42 750 31,500 28 Purchase 140 330 46,200 June 5 Sale 84 790 66,360 16 Sale 112 790 88,480 21 Purchase 252 360 90,720 28 Sale 126 790 99,540 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 Purchases Cost of Merchandise Sold Inventory Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Apr. 3 fill in the blank 1 $fill in the blank 2 $fill in the blank 3 Apr. 8 fill in the blank 4 $fill in the blank 5 $fill in the blank 6 fill in the blank 7 fill in the blank 8 fill in the blank 9 fill in the blank 10 fill in the blank 11 fill in the blank 12 Apr. 11 fill in the blank 13 $fill in the blank 14 $fill in the blank 15 fill in the blank 16 fill in the blank 17 fill in the blank 18 fill in the blank 19 fill in the blank 20 fill in the blank 21 Apr. 30 fill in the blank 22 fill in the blank 23 fill in the blank 24 fill in the blank 25 fill in the blank 26 fill in the blank 27 fill in the blank 28 fill in the blank 29 fill in the blank 30 May 8 fill in the blank 31 fill in the blank 32 fill in the blank 33 fill in the blank 34 fill in the blank 35 fill in the blank 36 fill in the blank 37 fill in the blank 38 fill in the blank 39 May 10 fill in the blank 40 fill in the blank 41 fill in the blank 42 fill in the blank 43 fill in the blank 44 fill in the blank 45 fill in the blank 46 fill in the blank 47 fill in the blank 48 May 19 fill in the blank 49 fill in the blank 50 fill in the blank 51 fill in the blank 52 fill in the blank 53 fill in the blank 54 fill in the blank 55 fill in the blank 56 fill in the blank 57 May 28 fill in the blank 58 fill in the blank 59 fill in the blank 60 fill in the blank 61 fill in the blank 62 fill in the blank 63 fill in the blank 64 fill in the blank 65 fill in the blank 66 fill in the blank 67 fill in the blank 68 fill in the blank 69 June 5 fill in the blank 70 fill in the blank 71 fill in the blank 72 fill in the blank 73 fill in the blank 74 fill in the blank 75 fill in the blank 76 fill in the blank 77 fill in the blank 78 fill in the blank 79 fill in the blank 80 fill in the blank 81 June 16 fill in the blank 82 fill in the blank 83 fill in the blank 84 fill in the blank 85 fill in the blank 86 fill in the blank 87 fill in the blank 88 fill in the blank 89 fill in the blank 90 fill in the blank 91 fill in the blank 92 fill in the blank 93 June 21 fill in the blank 94 fill in the blank 95 fill in the blank 96 fill in the blank 97 fill in the blank 98 fill in the blank 99 fill in the blank 100 fill in the blank 101 fill in the blank 102 June 28 fill in the blank 103 fill in the blank 104 fill in the blank 105 fill in the blank 106 fill in the blank 107 fill in the blank 108 fill in the blank 109 fill in the blank 110 fill in the blank 111 June 30 Balances $fill in the blank 112 $fill in the blank 113 2. Determine the total sales, the total cost of merchandise sold, and the gross profit from sales for the period. Total sales $fill in the blank 114 Total cost of merchandise sold fill in the blank 115 Gross profit $fill in the blank 116 3. Determine the ending inventory cost on June 30. $fill in the blank 117

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: Date Transaction Number of Units Per Unit Total Apr. 3 Inventory 84 $225 $18,900 8 Purchase 168 270 45,360 11 Sale 113 750 84,750 30 Sale 71 750 53,250 May 8 Purchase 140 300 42,000 10 Sale 84 750 63,000 19 Sale 42 750 31,500 28 Purchase 140 330 46,200 June 5 Sale 84 790 66,360 16 Sale 112 790 88,480 21 Purchase 252 360 90,720 28 Sale 126 790 99,540 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 Purchases Cost of Merchandise Sold Inventory Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Apr. 3 fill in the blank 1 $fill in the blank 2 $fill in the blank 3 Apr. 8 fill in the blank 4 $fill in the blank 5 $fill in the blank 6 fill in the blank 7 fill in the blank 8 fill in the blank 9 fill in the blank 10 fill in the blank 11 fill in the blank 12 Apr. 11 fill in the blank 13 $fill in the blank 14 $fill in the blank 15 fill in the blank 16 fill in the blank 17 fill in the blank 18 fill in the blank 19 fill in the blank 20 fill in the blank 21 Apr. 30 fill in the blank 22 fill in the blank 23 fill in the blank 24 fill in the blank 25 fill in the blank 26 fill in the blank 27 fill in the blank 28 fill in the blank 29 fill in the blank 30 May 8 fill in the blank 31 fill in the blank 32 fill in the blank 33 fill in the blank 34 fill in the blank 35 fill in the blank 36 fill in the blank 37 fill in the blank 38 fill in the blank 39 May 10 fill in the blank 40 fill in the blank 41 fill in the blank 42 fill in the blank 43 fill in the blank 44 fill in the blank 45 fill in the blank 46 fill in the blank 47 fill in the blank 48 May 19 fill in the blank 49 fill in the blank 50 fill in the blank 51 fill in the blank 52 fill in the blank 53 fill in the blank 54 fill in the blank 55 fill in the blank 56 fill in the blank 57 May 28 fill in the blank 58 fill in the blank 59 fill in the blank 60 fill in the blank 61 fill in the blank 62 fill in the blank 63 fill in the blank 64 fill in the blank 65 fill in the blank 66 fill in the blank 67 fill in the blank 68 fill in the blank 69 June 5 fill in the blank 70 fill in the blank 71 fill in the blank 72 fill in the blank 73 fill in the blank 74 fill in the blank 75 fill in the blank 76 fill in the blank 77 fill in the blank 78 fill in the blank 79 fill in the blank 80 fill in the blank 81 June 16 fill in the blank 82 fill in the blank 83 fill in the blank 84 fill in the blank 85 fill in the blank 86 fill in the blank 87 fill in the blank 88 fill in the blank 89 fill in the blank 90 fill in the blank 91 fill in the blank 92 fill in the blank 93 June 21 fill in the blank 94 fill in the blank 95 fill in the blank 96 fill in the blank 97 fill in the blank 98 fill in the blank 99 fill in the blank 100 fill in the blank 101 fill in the blank 102 June 28 fill in the blank 103 fill in the blank 104 fill in the blank 105 fill in the blank 106 fill in the blank 107 fill in the blank 108 fill in the blank 109 fill in the blank 110 fill in the blank 111 June 30 Balances $fill in the blank 112 $fill in the blank 113 2. Determine the total sales, the total cost of merchandise sold, and the gross profit from sales for the period. Total sales $fill in the blank 114 Total cost of merchandise sold fill in the blank 115 Gross profit $fill in the blank 116 3. Determine the ending inventory cost on June 30. $fill in the blank 117

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

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:

Date	Transaction	Number of Units	Total
Apr. 3	Inventory	84	$225	$18,900
8	Purchase	168	270	45,360
11	Sale	113	750	84,750
30	Sale	71	750	53,250
May 8	Purchase	140	300	42,000
10	Sale	84	750	63,000
19	Sale	42	750	31,500
28	Purchase	140	330	46,200
June 5	Sale	84	790	66,360
16	Sale	112	790	88,480
21	Purchase	252	360	90,720
28	Sale	126	790	99,540

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
	Purchases	Cost of Merchandise Sold	Inventory
Date	Quantity	Unit Cost	Total Cost	Quantity	Unit Cost	Total Cost	Quantity	Unit Cost	Total Cost
Apr. 3							fill in the blank 1	$fill in the blank 2	$fill in the blank 3
Apr. 8	fill in the blank 4	$fill in the blank 5	$fill in the blank 6				fill in the blank 7	fill in the blank 8	fill in the blank 9
fill in the blank 10	fill in the blank 11	fill in the blank 12
Apr. 11				fill in the blank 13	$fill in the blank 14	$fill in the blank 15	fill in the blank 16	fill in the blank 17	fill in the blank 18
fill in the blank 19	fill in the blank 20	fill in the blank 21
Apr. 30				fill in the blank 22	fill in the blank 23	fill in the blank 24	fill in the blank 25	fill in the blank 26	fill in the blank 27
fill in the blank 28	fill in the blank 29	fill in the blank 30
May 8	fill in the blank 31	fill in the blank 32	fill in the blank 33				fill in the blank 34	fill in the blank 35	fill in the blank 36
fill in the blank 37	fill in the blank 38	fill in the blank 39
May 10				fill in the blank 40	fill in the blank 41	fill in the blank 42	fill in the blank 43	fill in the blank 44	fill in the blank 45
fill in the blank 46	fill in the blank 47	fill in the blank 48
May 19				fill in the blank 49	fill in the blank 50	fill in the blank 51	fill in the blank 52	fill in the blank 53	fill in the blank 54
fill in the blank 55	fill in the blank 56	fill in the blank 57
May 28	fill in the blank 58	fill in the blank 59	fill in the blank 60				fill in the blank 61	fill in the blank 62	fill in the blank 63
fill in the blank 64	fill in the blank 65	fill in the blank 66
fill in the blank 67	fill in the blank 68	fill in the blank 69
June 5				fill in the blank 70	fill in the blank 71	fill in the blank 72	fill in the blank 73	fill in the blank 74	fill in the blank 75
fill in the blank 76	fill in the blank 77	fill in the blank 78
fill in the blank 79	fill in the blank 80	fill in the blank 81
June 16				fill in the blank 82	fill in the blank 83	fill in the blank 84	fill in the blank 85	fill in the blank 86	fill in the blank 87
fill in the blank 88	fill in the blank 89	fill in the blank 90
fill in the blank 91	fill in the blank 92	fill in the blank 93
June 21	fill in the blank 94	fill in the blank 95	fill in the blank 96				fill in the blank 97	fill in the blank 98	fill in the blank 99
fill in the blank 100	fill in the blank 101	fill in the blank 102
June 28				fill in the blank 103	fill in the blank 104	fill in the blank 105	fill in the blank 106	fill in the blank 107	fill in the blank 108
fill in the blank 109	fill in the blank 110	fill in the blank 111
June 30	Balances					$fill in the blank 112			$fill in the blank 113

2. Determine the total sales, the total cost of merchandise sold, and the gross profit from sales for the period.

Total sales	$fill in the blank 114
Total cost of merchandise sold	fill in the blank 115
Gross profit	$fill in the blank 116

3. Determine the ending inventory cost on June 30.
$fill in the blank 117

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