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 Instructions 1. 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, using the weighted average cost method and the periodic inventory system. Round the weighted average unit cost to the dollar. 4. Compare the gross profit and June 30, 2014, inventories using the following column headings:
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 Instructions 1. 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, using the weighted average cost method and the periodic inventory system. Round the weighted average unit cost to the dollar. 4. Compare the gross profit and June 30, 2014, inventories using the following column headings:
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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 |
Instructions
1. 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, using the weighted average cost method and the periodic inventory system. Round the weighted average unit cost to the dollar.
4. Compare the gross profit and June 30, 2014, inventories using the following column headings:
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