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

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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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	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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