Periodic Inventory by Three Methods The beginning inventory for 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 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. Determine the inventory on June 30 and the cost of goods sold for the three-month period, using the first-in, first-out method and the periodic inventory system. Round the weighted average unit cost to the nearest cent. Inventory, June 30 $fill in the blank 1 Cost of goods sold $fill in the blank 2 2. Determine the inventory on June 30 and the cost of goods sold for the three-month period, using the last-in, first-out method and the periodic inventory system. Inventory, June 30 $fill in the blank 3 Cost of goods sold $fill in the blank 4 3. Determine the inventory on June 30 and the cost of goods sold for the three-month period, using the weighted average cost method and the periodic inventory system. Note: Round the weighted average unit cost to the nearest dollar and final answers to the nearest dollar. Inventory, June 30 $fill in the blank 5 Cost of goods sold $fill in the blank 6 4. Compare the gross profit and June 30 inventories using the following column headings. Enter all amounts as positive numbers. FIFO LIFO Weighted Average Sales $fill in the blank 7 $fill in the blank 8 $fill in the blank 9 Cost of goods sold fill in the blank 10 fill in the blank 11 fill in the blank 12 Gross profit $fill in the blank 13 $fill in the blank 14 $fill in the blank 15 Inventory, June 30 $fill in the blank 16 $fill in the blank 17 $fill in the blank 18
Periodic Inventory by Three Methods
The beginning inventory for 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 | 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. Determine the inventory on June 30 and the cost of goods sold for the three-month period, using the first-in, first-out method and the periodic inventory system. Round the weighted average unit cost to the nearest cent.
Inventory, June 30 | $fill in the blank 1 |
Cost of goods sold | $fill in the blank 2 |
2. Determine the inventory on June 30 and the cost of goods sold for the three-month period, using the last-in, first-out method and the periodic inventory system.
Inventory, June 30 | $fill in the blank 3 |
Cost of goods sold | $fill in the blank 4 |
3. Determine the inventory on June 30 and the cost of goods sold for the three-month period, using the weighted average cost method and the periodic inventory system.
Note: Round the weighted average unit cost to the nearest dollar and final answers to the nearest dollar.
Inventory, June 30 | $fill in the blank 5 |
Cost of goods sold | $fill in the blank 6 |
4. Compare the gross profit and June 30 inventories using the following column headings. Enter all amounts as positive numbers.
FIFO | LIFO | Weighted Average | |
---|---|---|---|
Sales | $fill in the blank 7 | $fill in the blank 8 | $fill in the blank 9 |
Cost of goods sold | fill in the blank 10 | fill in the blank 11 | fill in the blank 12 |
Gross profit | $fill in the blank 13 | $fill in the blank 14 | $fill in the blank 15 |
Inventory, June 30 | $fill in the blank 16 | $fill in the blank 17 | $fill in the blank 18 |
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