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: DateTransaction# of UnitsPer UnitTotalApr. 3Inventory84$225$18,9008Purchase16827045,36011Sale11275084,00030Sale7075052,500May 8Purchase14030042,00010Sale8475063,00019Sale4275031,50028Purchase14033046,200June 5Sale8479066,36016Sale11279088,48021Purchase25236090,72028Sale12679099,540Required: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 Sold****FIFO Method****For the Three Months Ended June 30**This table outlines the schedule of the cost of goods sold using the First-In, First-Out (FIFO) method for Dunne Co. over a three-month period ending June 30. It categorizes data into three main columns: Purchases, Cost of Goods Sold, and Inventory. Each section is further divided into subcategories like Date, Quantity, Unit Cost, and Total Cost. The data entries are structured to reflect transactions on specific dates.**Column Breakdown:**1. **Purchases**: - **Date**: Dates when purchases were made (e.g., Apr. 3, Apr. 8). - **Quantity**: The quantity of goods purchased. - **Unit Cost**: The cost per unit of goods. - **Total Cost**: The total cost for the units purchased.2. **Cost of Goods Sold**: - **Date**: Dates corresponding to the recording of cost of goods sold. - **Quantity**: The number of units sold. - **Unit Cost**: The cost per unit sold. - **Total Cost**: The total cost for the units sold.3. **Inventory**: - **Date**: Dates for inventory records. - **Quantity**: Remaining units in inventory. - **Unit Cost**: The cost per unit remaining. - **Total Cost**: The total cost of remaining inventory.**Use Case**: This schedule helps in tracking and managing inventory costs, ensuring accurate accounting of purchases, sales, and remaining inventory by using the FIFO method, which deducts the oldest inventory costs for calculating the cost of goods sold. **Educational Website Transcription:**---**Inventory and Sales Transactions Exercise**This exercise involves determining sales, costs, and inventory valuations. Review the instructions below and complete each section.1. **Transaction Table** Date: June 28 Date: June 30 - Balances (Note: Specific numerical transactions and columns are not fully visible in the image.)2. **Journal Entries:** - 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. a. **Record Sale:** - [Dropdown Select] - [Textbox for Amount] b. **Record Cost:** - [Dropdown Select] - [Textbox for Amount]3. **Gross Profit Calculation:** - Determine the gross profit from sales for the period. - $[Textbox for Amount]4. **Ending Inventory Cost:** - Determine the ending inventory cost as of June 30. - $[Textbox for Amount]5. **Inventory Valuation Method:** - Based on the preceding data, would you expect the ending inventory using the **last-in, first-out method** to be higher or lower? - [Dropdown Select]**Notes:**- Enter appropriate values where indicated.- The exercise aids in understanding sales and inventory management in accounting practices.---

Name: FIFO Perpetual InventoryThe beginning inventory at Dunne Co. and data
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Description: 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: DateTransaction# of UnitsPer UnitTotalApr. 3Inventory84$225$18,9008Purchase16827045,36011Sale11275084

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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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Date	Transaction	# of Units	Per Unit	Total
Apr. 3	Inventory	84	$225	$18,900
8	Purchase	168	270	45,360
11	Sale	112	750	84,000
30	Sale	70	750	52,500
May 8	Purchase	140	300	42,000
10	Sale	84	750	63,000
19	Sale	42	750	31,500
28	Purchase	140	330	46,200
June 5	Sale	84	790	66,360
16	Sale	112	790	88,480
21	Purchase	252	360	90,720
28	Sale	126	790	99,540