The beginning inventory for Dunne Co. and data on purchases and sales for a three-month period are as follows: Number Date Transaction 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 1. Determine the inventory on June 30 and the cost of merchandise sold for the three-month period, using the first-in, first-out method and the periodic inventory system. Merchandise inventory, June 30 Cost of merchandise sold 2. Determine the inventory on June 30 and the cost of merchandise sold for the three-month period, using the last-in, first-out method and the periodic inventory system. Merchandise inventory, June 30 Cost of merchandise sold 3. Determine the inventory on June 30 and the cost of merchandise sold for the three-month period, using the weighted average cost method and the periodic inventory system. Round the weighted average unit cost and final answers to the nearest dollar. Merchandise inventory, June 30 Cost of merchandise sold 4. Compare the gross profit and June 30 inventories using the following column headings. Enter all amounts as positive numbers. FIFO LIFO Weighted Average Sales Cost of merchandise sold Gross profit Inventory, June 30
The beginning inventory for Dunne Co. and data on purchases and sales for a three-month period are as follows: Number Date Transaction 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 1. Determine the inventory on June 30 and the cost of merchandise sold for the three-month period, using the first-in, first-out method and the periodic inventory system. Merchandise inventory, June 30 Cost of merchandise sold 2. Determine the inventory on June 30 and the cost of merchandise sold for the three-month period, using the last-in, first-out method and the periodic inventory system. Merchandise inventory, June 30 Cost of merchandise sold 3. Determine the inventory on June 30 and the cost of merchandise sold for the three-month period, using the weighted average cost method and the periodic inventory system. Round the weighted average unit cost and final answers to the nearest dollar. Merchandise inventory, June 30 Cost of merchandise sold 4. Compare the gross profit and June 30 inventories using the following column headings. Enter all amounts as positive numbers. FIFO LIFO Weighted Average Sales Cost of merchandise sold Gross profit Inventory, June 30
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:The beginning inventory for Dunne Co. and data on purchases and sales for a three-month period are as follows:
Number
Date Transaction
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
Transcribed Image Text:1. Determine the inventory on June 30 and the cost of merchandise sold for the three-month period, using the first-in, first-out method and the periodic inventory
system.
Merchandise inventory, June 30
Cost of merchandise sold
2. Determine the inventory on June 30 and the cost of merchandise sold for the three-month period, using the last-in, first-out method and the periodic inventory
system.
Merchandise inventory, June 30
Cost of merchandise sold
3. Determine the inventory on June 30 and the cost of merchandise sold for the three-month period, using the weighted average cost method and the periodic inventory
system. Round the weighted average unit cost and final answers to the nearest dollar.
Merchandise inventory, June 30
Cost of merchandise sold
4. Compare the gross profit and June 30 inventories using the following column headings. Enter all amounts as positive numbers.
FIFO
LIFO
Weighted Average
Sales
Cost of merchandise sold
Gross profit
Inventory, June 30
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