The beginning inventory at Dunne Co. and data on purchases and sales for a three-month period are as follows:Date TransactionNumberof UnitsPer UnitTotalApr. 3 Inventory60$525$31,5008 Purchase12063075,60011 Sale801,750140,00030 Sale501,75087,500May 8 Purchase10070070,00010 Sale601,750105,00019 Sale301,75052,50028 Purchase10077077,000June 5 Sale601,840110,40016 Sale801,840147,20021 Purchase180840151,20028 Sale901,840165,600Required:1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in Exhibit 4, using the last-in, first-out method. UnderLIFO, if units are in inventory at two different costs, enter the units with the HIGHER unit cost first in the Cost of Goods Sold Unit Cost column and LOWER unit cost first in theInventory Unit Cost column.

Name: The beginning inventory at Dunne Co. and data on purchases and sales
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Description: The beginning inventory at Dunne Co. and data on purchases and sales for a three-month period are as follows:Date TransactionNumberof UnitsPer UnitTotalApr. 3 Inventory60$525$31,5008 Purchase12063075,60011 Sale801,750140,00030 Sale501,75087,500May 8

Types of Inventory Valuation Methods: - First In, First Out (FIFO) Last In, First Out (LIFO)…

Business

Accounting

The beginning inventory at 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 60 $525 $31,500 8 Purchase 120 630 75,600 11 Sale 80 1,750 140,000 30 Sale 50 1,750 87,500 May 8 Purchase 100 700 70,000 10 Sale 60 1,750 105,000 19 Sale 30 1,750 52,500 28 Purchase 100 770 77,000 June 5 Sale 60 1,840 110,400 16 Sale 80 1,840 147,200 21 Purchase 180 840 28 Sale 90 1,840 151,200 165,600 Required: 1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in Exhibit 4, using the last-in, first-out method. Und LIFO, if units are in inventory at two different costs, enter the units with the HIGHER unit cost first in the Cost of Goods Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column.

The beginning inventory at 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 60 $525 $31,500 8 Purchase 120 630 75,600 11 Sale 80 1,750 140,000 30 Sale 50 1,750 87,500 May 8 Purchase 100 700 70,000 10 Sale 60 1,750 105,000 19 Sale 30 1,750 52,500 28 Purchase 100 770 77,000 June 5 Sale 60 1,840 110,400 16 Sale 80 1,840 147,200 21 Purchase 180 840 28 Sale 90 1,840 151,200 165,600 Required: 1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in Exhibit 4, using the last-in, first-out method. Und LIFO, if units are in inventory at two different costs, enter the units with the HIGHER unit cost first in the Cost of Goods Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column.

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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