June 21June 28June 30Balances2. Determine the total sales and the total cost of goods sold for the period, Journalize the entries in the sales and cost of goods sold accounts, Assume that all sales were on account. If an amount box does not requirean entry, leave it blank.Record saleRecord cost3. Determine the gross profit from sales for the period.4. Determine the ending inventory cost as of June 30.5. Based upon the preceding data, would you expect the ending inventory using the last-in, first-out method to be higher or lower? FIFO Perpetual InventoryThe beginning inventory at Dunne Co. and data on purchases and sales for a three-month period ending June 30 are as follows:NumberDateTransactionof UnitsPer UnitTotalApr. 3Inventory90$450$40,5008Purchase18054097,20011Sale1201,500180,00030 Sale751,500112,500May 8Purchase15060090,00010Sale901,500135,00019Sale451,50067,50028 Purchase15066099,000June 5 Sale901,575141,75016 Sale1201,575189,00021Purchase270720194,40028Sale1351,575212,625Required:1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 3, using the first-in, first-outmethod. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Goods Sold Unit Cost column and in theInventory Unit Cost column.

Name: June 21June 28June 30Balances2. Determine the total sales and the tot
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Description: June 21June 28June 30Balances2. Determine the total sales and the total cost of goods sold for the period, Journalize the entries in the sales and cost of goods sold accounts, Assume that all sales were on account. If an amount box does not requirea

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ng inventory at Dunne Co. and data on purchases and sales for a three-month period ending June 30 are as follows: Number Transaction of Units Per Unit Total Inventory 90 $450 $40,500 Purchase 180 540

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31, are as follows: Date Transaction Number of Units Per Unit Total Jan. 1 Inventory 2,700 $50.00 $135,000 10 Purchase 7,300 58.00 423,400 28 Sale 4,050 100.00 405,000 30 Sale 1,200 100.00 120,000 Feb. 5 Sale 500 100.00 50,000 10 Purchase 17,000 60.00 1,020,000 16 Sale 9,200 105.00 966,000 28 Sale 8,000 105.00 840,000 Mar. 5 Purchase 14,300 61.60 880,880 14 Sale 10,300 105.00 1,081,500 25 Purchase 3,200 62.00 198,400 30 Sale 8,000 105.00 840,000 Instructions 1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 3, using the first-in, first-out method. 2. Determine the total sales and the total cost of merchandise sold for the period. Journalize the entries in the sales and cost of merchandise…
The following data are available for Sellco for the fiscal year ended on January 31, 2020: Sales 830 units Beginning inventory 230 units @ $ 4 Purchases, in chronological order 290 units @ $ 5 450 units @ $ 7 250 units @ $ 7 Required:a. Calculate cost of goods sold and ending inventory under the cost flow assumptions, FIFO, LIFO and Weighted average (using a periodic inventory system): (Round unit cost to 2 decimal places.) b. Assume that net income using the weighted-average cost flow assumption is $15,300. Calculate net income under FIFO and LIFO. (Round unit cost to 2 decimal places.)
LIFO Perpetual Inventory The beginning inventory for Dunne Co. and data on purchases and sales for a three-month period are as follows: Date Transaction Numberof Units Per Unit Total Apr. 3 Inventory 25 $1,200 $30,000 8 Purchase 75 1,240 93,000 11 Sale 40 2,000 80,000 30 Sale 30 2,000 60,000 May 8 Purchase 60 1,260 75,600 10 Sale 50 2,000 100,000 19 Sale 20 2,000 40,000 28 Purchase 80 1,260 100,800 June 5 Sale 40 2,250 90,000 16 Sale 25 2,250 56,250 21 Purchase 35 1,264 44,240 28 Sale 44 2,250 99,000 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…
The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31, are as follows: Number Date Transaction Per Unit Total of Units Jan. 1 Inventory 7,500 $75.00 $562,500 10 Purchase 22,500 85.00 1,912,500 28 Sale 11,250 150.00 1,687,500 30 Sale 3,750 150.00 562,500 Feb. 5 Sale 1,500 150.00 225,000 10 Purchase 54,000 87.50 4,725,000 16 Sale 27,000 160.00 4,320,000 28 Sale 25,500 160.00 4,080,000 Mar. 5 Purchase 45,000 89.50 4,027,500 14 Sale 30,000 160.00 4,800,000 25 Purchase 7,500 90.00 675,000 30 Sale 26,250 160.00 4,200,000 Required:
The beginning inventory of merchandise at Rhodes Co. and data on purchases and sales for a three-month period ending June 30 are as follows: Date Transaction Numberof Units Per Unit Total Apr. 3 Inventory 66 $300 $19,800 8 Purchase 132 360 47,520 11 Sale 88 1,000 88,000 30 Sale 55 1,000 55,000 May 8 Purchase 110 400 44,000 10 Sale 66 1,000 66,000 19 Sale 33 1,000 33,000 28 Purchase 110 440 48,400 June 5 Sale 66 1,050 69,300 16 Sale 88 1,050 92,400 21 Purchase 198 480 95,040 28 Sale 99 1,050 103,950 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…
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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 Numberof Units Per Unit Total Apr. 3 Inventory 90 $450 $40,500 8 Purchase 180 540 97,200 11 Sale 121 1,500 181,500 30 Sale 76 1,500 114,000 May 8 Purchase 150 600 90,000 10 Sale 90 1,500 135,000 19 Sale 45 1,500 67,500 28 Purchase 150 660 99,000 June 5 Sale 90 1,575 141,750 16 Sale 120 1,575 189,000 21 Purchase 270 720 194,400 28 Sale 135 1,575 212,625 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…
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 of Units Per Unit Total Apr. 3 Inventory 48 $525 $25,200 Purchase 96 630 60,480 11 Sale 64 1,750 112,000 30 Sale 40 1,750 70,000 May 8 Purchase 80 700 56,000 10 Sale 48 1,750 84,000 19 Sale 24 1,750 42,000 28 Purchase 80 770 61,600 June 5 Sale 48 1,840 88,320 16 Sale 64 1,840 117,760 21 Purchase 144 840 120,960 28 Sale 72 1,840 132,480
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