Required: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. 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 the Inventory Unit Cost column.Dunne Co.Schedule of Cost of Goods SoldFIFO MethodFor the Three Months Ended June 30Cost of Goods SoldUnit CostDateApr 3Apc 8Apt. 11Apr 30May 8BMay 10May 19May 28June 5June 15June 21June 28QuantityRecord cost←PurchasesUnit Cost--—Total Cost$3. Determine the gross profit from sales for the period.Quantity4. Determine the ending inventory cost as of June 30.rFTT[$Total Cost$QuantityCDIOCIrC7|InventoryUnit CostJune 30 Balances2. 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 require an entry, leave it blank.Record saleTotal Cost- 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:Numberof UnitsDateApr. 381130May 8.101928June 5162 29TransactionInventoryPurchaseSaleSalePurchaseSaleSalePurchaseSaleSalePurchase28 Sale4284563570422170425612663Per Unit$4505401,5001,5006001,5001,5006601,5751,5757201,575Total$18,90045,36084,00052,50042,00063,00031,50046,20066,15088,20090,72099,225

Name: Required:1. Record the inventory, purchases, and cost of merchandise
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Required: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. Under FIFO, If units are in inventory at two different

FIFO Method :— It is one of the method of inventory valuation in which it is assumed that beginning…

Business

Accounting

Perpetual Inventory The beginning inventory at Dunne Co. and data on purchases and sales for a three-month period ending June 30 are as follows: Number of Units 1 Date Transaction Apr. 3 Inventory 8 Purchase 11 30 May 8 10 19 28 June 5 16 21 28 Sale Sale Purchase Sale Sale Purchase Sale Sale Purchase Sale 42 84 56 35 70 42 21 70 42 56 126 63 Per Unit $450 540 1,500 1,500 600 1,500 1,500 660 1,575 1,575 720 1,575 Total $18,900 45,360 84,000 52,500 42,000 63,000 31,500 46,200 66,150 88,200 90,720 99,225

Perpetual Inventory The beginning inventory at Dunne Co. and data on purchases and sales for a three-month period ending June 30 are as follows: Number of Units 1 Date Transaction Apr. 3 Inventory 8 Purchase 11 30 May 8 10 19 28 June 5 16 21 28 Sale Sale Purchase Sale Sale Purchase Sale Sale Purchase Sale 42 84 56 35 70 42 21 70 42 56 126 63 Per Unit $450 540 1,500 1,500 600 1,500 1,500 660 1,575 1,575 720 1,575 Total $18,900 45,360 84,000 52,500 42,000 63,000 31,500 46,200 66,150 88,200 90,720 99,225

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Perpetual inventory using FIFO The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 3,800 units at $39 Apr. 19 Sale 2,000 units June 30 Purchase 4,300 units at $42 Sept. 2 Sale 5,300 units Nov. 15 Purchase 2,000 units at $43 The firm maintains a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale, assuming the first-in, first-out method. Present the data in the form illustrated in Exhibit 3. 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 the Inventory Unit Cost column. Round your answers for quantity values to the nearest whole number, for unit cost values to the nearest cent, and for total cost values to the nearest dollar. Schedule of Cost of Goods SoldFIFO Method Purchases Cost of Goods Sold Inventory…
Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 13 units at $3,800 $49,400 Aug. 7 Purchase 19 units at $3,900 74,100 Dec. 11 Purchase 13 units at $4,100 53,300 45 units $176,800 There are 18 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using (a) the first-in, first-out (FIFO) method; (b) the last-in, first-out (LIFO) method; and (c) the weighted average cost method (Round per unit cost to two decimal places and your final answer to the nearest whole dollar).
Periodic inventory by three methods 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 of Units Per Unit Total Jan. 1 Inventory Jan. 10 Purchase Jan. 28 Sale Jan. 30 Sale Feb. 5 Sale Feb. 10 Purchase Feb. 16 Sale Feb. 28 Sale Mar. 5 Purchase Mar. 14 Sale Mar. 25 Purchase Mar. 30 Sale 9,000 $60.00 $540,000 21,000 70.00 1,470,000 10,250 140.00 1,435,000 5,750 140.00 805,000 3,500 140.00 490,000 39,500 75.00 2,962,500 15,000 150.00 2,250,000 10,000 150.00 1,500,000 25,000 82.00 2,050,000 30,000 150.00 4,500,000 10,000 88.40 884,000 19,000 150.00 2,850,000 1. Determine the inventory on March 31 and the cost of goods sold for the three-month period, using the first-in, first-out method and the periodic inventory system. Inventory, March 31 $ 966,000 ✓ Cost of goods sold $ 6,940,500 2. Determine the inventory on March 31 and the cost of goods sold for the three-month period, using the…
FIFO Perpetual Inventory 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 42 $375 $15,750 8 Purchase 84 450 37,800 11 Sale 56 1,250 70,000 30 Sale 35 1,250 43,750 May 8 Purchase 70 500 35,000 10 Sale 42 1,250 52,500 19 Sale 21 1,250 26,250 28 Purchase 70 550 38,500 June 5 Sale 42 1,315 55,230 16 Sale 56 1,315 73,640 21 Purchase 126 600 75,600 28 Sale 63 1,315 82,845 Required: 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. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Merchandise Sold Unit Cost…
Perpetual inventory using LIFO The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 4,000 units at $41 Apr. 19 Sale 2,400 units June 30 Purchase 4,300 units at $44 Sale 5,100 units Purchase 1,800 units at $46 Sept. 2 Nov. 15 The firm maintains a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale, assuming the last-in, first-out method. Present the data in the form illustrated in Exhibit 4. Under LIFO, if units are in inventory at two or more different costs, enter the units with the LOWER unit cost first in the Inventory Unit Cost column. Date Jan. 1 Apr. 19 June 30 June 30 Sept. 2 Sept. 2 Nov. 15 Nov. 15 Dec. 31 Purchases Quantity Balances Purchases Unit Cost Purchases Total Cost Cost of Goods Sold Quantity LIFO Method Cost of Goods Sold Unit Cost Cost of Goods Sold Total Cost Inventory Quantity 00 Inventory Unit Cost Inventory Total Cost $ 000
Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 13 units at $44 $572 Aug. 7 Purchase 18 units at $46 828 Dec. 11 Purchase 12 units at $48 576 43 units $1,976 There are 16 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using (a) the first-in, first-out (FIFO) method; (b) the last-in, first-out (LIFO) method; and (c) the weighted average cost method (round per unit cost to two decimal places and your final answer to the nearest whole dollar). a. First-in, first-out (FIFO) $ b. Last-in, first-out (LIFO) $ c. Weighted average cost $
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: Number Date Transaction Per Unit Total of Units Apr. 3 Inventory 42 $225 $9,450 Purchase 84 270 22,680 11 Sale 56 750 42,000 30 Sale 35 750 26,250 May 8 Purchase 70 300 21,000 10 Sale 42 750 31,500 19 Sale 21 750 15.750 28 Purchase 70 330 23,100 June 5 Sale 42 790 33.180 16 Sale 56 790 44,240 21 Purchase 126 360 45,360 28 Sale 63 790 49,770 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…
Perpetual Inventory Using LIFO The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 4,000 units at $20 Apr. 19 Sale 2,500 units June 30 Purchase 6,000 units at $24 Sept. 2 Sale 4,500 units Nov. 15 Purchase 1,000 units at $25 The firm maintains a perpetual inventory system. Determine the cost of merchandise sold for each sale and the inventory balance after each sale, assuming the last-in, first-out method. Present the data in the form illustrated in Exhibit 4. Under LIFO, if units are in inventory at two or more different costs, enter the units with the LOWER unit cost first in the Inventory Unit Cost column.
FIFO 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 Numberof Units Per Unit Total Apr. 3 Inventory 36 $150 $5,400 8 Purchase 72 180 12,960 11 Sale 48 500 24,000 30 Sale 30 500 15,000 May 8 Purchase 60 200 12,000 10 Sale 36 500 18,000 19 Sale 18 500 9,000 28 Purchase 60 220 13,200 June 5 Sale 36 525 18,900 16 Sale 48 525 25,200 21 Purchase 108 240 25,920 28 Sale 54 525 28,350 Required: 1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 3, using the first-in, first-out method. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Merchandise Sold Unit Cost column and in…
The beginning inventory for Dunne Co. and data on purchases and sales for a three-month period are shown in Problem 7-1B. Date Transaction Number of units Per unit ($) Total ($) April 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 76.500 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 Instructions1. Determine the inventory on June 30, 2014, and the cost of goods sold for the threemonth period, using the first-in, first-out method and the periodic inventory system.2. Determine the inventory on June 30, 2014, and the cost of goods sold for the threemonth period, using the last-in, first-out method and the periodic inventory system.3. Determine the inventory on June 30, 2014, and the cost of goods sold for the threemonth period,…
Periodic inventory by three methods 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 of Units Per Unit Total Jan. 1 Inventory Jan. 10 Purchase Jan. 28 Sale Jan. 30 Sale Feb. 5 Sale Feb. 10 Purchase Feb. 16 Sale Feb. 28 Sale Mar. 5 Purchase Mar. 14 Sale Mar. 25 Purchase Mar. 30 Sale 1. Determine the inventory on March 31 and the cost of goods sold for the three-month period, using the first-in, first-out method and the periodic inventory system. Inventory, March 31 $ Cost of goods sold $ 2,850,000 X 2. Determine the inventory on March 31 and the cost of goods sold for the three-month period, using the last-in, first-out method and the periodic inventory system. Inventory, March 31 $ Cost of goods sold $ 9,000 $60.00 $540,000 21,000 70.00 1,470,000 10,250 140.00 1,435,000 5,750 140.00 805,000 3,500 140.00 490,000 39,500 75.00 2,962,500 15,000 150.00 2,250,000 10,000 150.00…