he beginning inventory for Dunne Co. and data on purchases and sales for a three-month period are as follows:DateTransactionNumberof UnitsPer UnitTotalApr. 3Inventory25$1,200$30,0008Purchase751,24093,00011Sale402,00080,00030Sale302,00060,000May 8Purchase601,26075,60010Sale502,000100,00019Sale202,00040,00028Purchase801,260100,800June 5Sale402,25090,00016Sale252,25056,25021Purchase351,26444,24028Sale442,25099,000 Schedule of Cost of Goods SoldFIFO MethodFor the Three Months Ended June 30Cost of Goods SoldUnit CostPurchasesPurchasesPurchasesCost of Goods SoldDateApr. 3QuantityUnit CostTotal CostQuantityApr. 896$54051,840Apr. 11Apr. 30May 8May 10May 19May 28June 5June 16June 21June 28June 30BalancesCost of Goods SoldTotal CostInventoryInventoryInventoryQuantityUnit CostTotal Cost4845021,6009654051,8403254023,220$☐ ☐ ☐

Step 1:The FIFO method stands for first-in, first-out, under this method, inventory that comes first…

Schedule of Cost of Goods Sold FIFO Method For the Three Months Ended June 30 Cost of Goods Sold Unit Cost Purchases Purchases Purchases Cost of Goods Sold Date Apr. 3 Quantity Unit Cost Total Cost Quantity Apr. 8 96 $ 540 51,840 Apr. 11 Apr. 30 May 8 May 10 May 19 May 28 June 5 June 16 June 21 June 28 June 30 Balances Cost of Goods Sold Total Cost Inventory Inventory Inventory Quantity Unit Cost Total Cost 48 450 21,600 96 540 51,840 32 540 23,220 $ ☐ ☐ ☐

Schedule of Cost of Goods Sold FIFO Method For the Three Months Ended June 30 Cost of Goods Sold Unit Cost Purchases Purchases Purchases Cost of Goods Sold Date Apr. 3 Quantity Unit Cost Total Cost Quantity Apr. 8 96 $ 540 51,840 Apr. 11 Apr. 30 May 8 May 10 May 19 May 28 June 5 June 16 June 21 June 28 June 30 Balances Cost of Goods Sold Total Cost Inventory Inventory Inventory Quantity Unit Cost Total Cost 48 450 21,600 96 540 51,840 32 540 23,220 $ ☐ ☐ ☐

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter5: Accounting For Retail Businesses

Section: Chapter Questions

Problem 43E: Cost of goods sold Based on the following data, determine the cost of goods sold for July:

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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

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