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
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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

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