The beginning inventory of merchandise at Dunne Co. and data on purchases and sales for a three-month period ending June 30 are as follows:NumberDateTransactionof UnitsPer UnitTotalApr. 3 Inventory48$525$25,200Purchase9663060,48011Sale641,750112,00030Sale401,75070,000May 8Purchase8070056,00010Sale481,75084,00019Sale241,75042,00028Purchase8077061,600June 5Sale481,84088,32016Sale641,840117,76021Purchase144840120,96028Sale721,840132,480 2. Determine the total sales and the total cost of merchandise sold for the period. Journalize the entries in the sales and cost of merchandise sold accounts. Assume thatall sales were on account.RecordsaleRecordcost3. Determine the gross profit from sales for the period.4. Determine the ending inventory cost as of June 30.$45. Based upon the preceding data, would you expect the inventory using the last-in, first-out method to be higher or lower?

Working note: Compute total value of sales as shown below: Compute cost of ending inventory…

Answered: The beginning inventory of merchandise…

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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Pina Furniture Ltd. uses a perpetual inventory system and has a beginning inventory, as at June 1, of 490 bookcases at a cost of $132 each. During June, the company had the following purchases and sales of bookcases: Date June (a) 6 10 14 16 26 Purchases Units Unit cost 1,160 $134 1,780 970 135 136 Sales Units Unit price 950 1,660 $201 206
Subject - account Please help me. Thankyou.
Refer to the data in attached image. 1.Using the perpetual inventory system, compute the cost of ending inventory, cost of goods sold, and gross margin. Use the average-cost, FIFO, and LIFO inventory costing methods. (Round unit costs to the nearest cent.) 2.Explain the reasons for the differences in gross mar-gin produced by the three methods.
Under the perpetual inventory system, which of the following accounts is credited in the adjusting entry to reflect the expected amount of merchandise that will be returned? a. Merchandise Inventory b. Cost of Goods Sold c. Sales Returns and Allowances d. Estimated Returns Inventory
You have the following information for Coronado Industries for the month ended October 31, 2022. Coronado Industries uses a periodic method for inventory. Date Description Units Unit Cost or Selling Price Oct. 1 Beginning inventory 60 $26 Oct. 9 Purchase 119 28 Oct. 11 Sale 94 36 Oct. 17 Purchase 102 29 Oct. 22 Sale 59 41 Oct. 25 Purchase 67 31 Oct. 29 Sale 110 41 Calculate ending inventory, cost of goods sold, gross profit under each of the following methods. 1. FIFO 2. LIFO 3. Average-cost
Please help with Question B
1.Complete the applicable inventory record card, and calculate cost of goods sold and the cost of ending inventory under each of the following inventory cost flow assumptions: a. FIFO b. LIFO c. Specific identification d. Weighted average. 2. Prepare the journal entries required to record purchases and sales using the FIFO inventory cost flow assumption. Descriptions are not necessary. 3. Refer to the "Compare" page. Calculate the sum of cost of goods sold and ending inventory balances under each of the four inventory cost flow assumptions. Explain the results.…
The beginning inventory at ABC Supplies and data on purchases and sales for a three-month period ending March 31, are as follows: (See attached dates/transactions/units/totals list attached) 1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record, using the first-in, first-out method. (I have attached an example of how the table should look as I had a hard time formatting the blank table I provided below) Date Purchases Cost of Merchandise sold Inventory Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Jan. 1 10 10 28 28 30 Feb. 5 10 10 16 16…
In recording the cost of goods sold based on data available from perpetual inventory records, the journal entry is a a. debit to Merchandise Inventory and a credit to Cost of Merchandise Sold b. debit to Accounts Receivable and a credit to Merchandise Inventory . debit to Cost of Merchandise Sold and a credit to Sales d. debit to Cost of Merchandise Sold and a credit to Merchandise Inventory
Ch 9 Problem Set B Problem 9-1 Part B The company uses the perpetual inventory method. It began the month of March with 100 units of inventory, at a unit cost of $55. Purchases during March March 5, 60 units at $60 each. March 18, 200 units at $65 each March 29, 40 units at $75 each. Sales during March March 12, 60 units. March 25, 210 units. All units were sold to customer for $100 each. 1. Use the following format to set up this inventory costing problem, as shown in Video #2. Inventory Date Units Cost per Total Cost Date Units Total Cost Unit Beg Balance Units Cost Beginning Balance + Purchases Goods Available for Sale - Sold Ending Balance
DETERMINING THE BEGINNING AND ENDING INVENTORY FROM A PARTI ALSPREADSHEET: PERIODIC INVENTORY SYSTEM From the following partial spreadsheet, indicate the dollar amount of beginning and ending merchandise inventory to be used to compute cost of goods sold.
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