LIFO Perpetual InventoryThe beginning inventory of merchandise at Dunne Co. and data on purchases and sales for a three-month period ending June 30 are as follows:NumberDateTransactionPer Unit Totalof UnitsApr. 3Inventory42$225$9,450Purchase8427022,68011Sale5675042,00030Sale3575026,250May 8 Purchase7030021,00010Sale4275031,50019Sale2175015.75028 Purchase7033023,100June 5 Sale4279033.18016Sale5679044,24021Purchase12636045,36028 Sale6379049,770Required:1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 4, using the last-in, first-out method. Under LIFO, if units are in inventory at two different costs, enter the units with the HIGHER unit cost first in the Cost of Merchandise Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column.Dunne Co.Schedule of Cost of Merchandise SoldLIFO MethodFor the three-months ended June 30PurchasesCost of Merchandise SoldInventoryDateQuantityUnit CostTotal CostQuantityUnit CostTotal CostQuantityUnit CostTotal CostApr. 3Apr. 8Apr. 11Apr. 30May 8May 10May 19 May 19May 28June 5June 16June 21June 28June 30Balances2. Determine the total sales, the total cost of merchandise sold, and the gross profit from sales for the period.Total salesTotal cost of merchandise soldGross profit3. Determine the ending inventory cost on June 30.

uro Prpetual ventory The beginning invertory of merchandise at Dunne Ca. and data on purchases and sales for athree-morth period ending June 30 are as fullows: Number Date Transaction Per Unit Total of Units Apr.3 ventory 42 s225 ss,4s0 270 22.600 56 750 35 750 20 200 SPurchase 11 Sale 42.000 20 Sate 26250 May Purchase 21,000 10 Sale 2 750 31500 19 Sae 21 750 15,750 28 Purchase 70 130 21,100 Junes Sale 2 790 33.10 16 Sale 21 Purchase 126 20 s,360 28 Sele 63 790 9.770 Required 1. Record the invertony, purchases, and cost of merchandse sold dta ina perpetul invertory record simitar to the one atrated in beeing the lest-in, st-out method. Under Luro, runits areininvertary at to aerert costs, erter the units with the HOER unit cot fst in the Cost of Merchande Sa une Cost column and LOWER unt cost fnst in the invertary Unt Cost calumen. Dunne Co. Schedule of Cost of Merchandse Sold LIFO Hethod For the three-months ended 3une 30 Purchases Cost of Merchandise Sold Imventory Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Apr. 3 O O Apr 11 Apr. 30 Hay May 10 Hay 19

uro Prpetual ventory The beginning invertory of merchandise at Dunne Ca. and data on purchases and sales for athree-morth period ending June 30 are as fullows: Number Date Transaction Per Unit Total of Units Apr.3 ventory 42 s225 ss,4s0 270 22.600 56 750 35 750 20 200 SPurchase 11 Sale 42.000 20 Sate 26250 May Purchase 21,000 10 Sale 2 750 31500 19 Sae 21 750 15,750 28 Purchase 70 130 21,100 Junes Sale 2 790 33.10 16 Sale 21 Purchase 126 20 s,360 28 Sele 63 790 9.770 Required 1. Record the invertony, purchases, and cost of merchandse sold dta ina perpetul invertory record simitar to the one atrated in beeing the lest-in, st-out method. Under Luro, runits areininvertary at to aerert costs, erter the units with the HOER unit cot fst in the Cost of Merchande Sa une Cost column and LOWER unt cost fnst in the invertary Unt Cost calumen. Dunne Co. Schedule of Cost of Merchandse Sold LIFO Hethod For the three-months ended 3une 30 Purchases Cost of Merchandise Sold Imventory Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Apr. 3 O O Apr 11 Apr. 30 Hay May 10 Hay 19

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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Samson, Inc had the foliowing balances and transactions dunng 2025 Boginning Merchandise Inventory March 10 Juno 10 October 30 15 units at $01 Sold 12 units Purchased 45 units at 07 Sold 30 units What is the balance of the company's Merchandise Inventory, an disclosod in the December 31, 2025 batance hoet an per the periodic FIFOventory costing metho
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urrent ALLE empt mFIogress Flint Corporation uses a perpetual inventory system reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 120 $6 $720 12 Purchases 360 2,520 23 Purchases 240 1,920 30 Inventory 250 I Calculate the average cost per unit, using a perpetual inventory system. Assume a sale of 420 units occurred on June 15 for a selling price of $9 and a sale of 50 units on June 27 for $10. (Round answers to 3 decimal places, e.g. 5.125.) June 1 %24 June 12 $ June 15 $ 7:59 acer 7.
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Oriole Company's record of transactions concerning part WA6 for the month of September was as follows. Purchases September 1 (balance on hand) 3 (a1) نا 12 292 2 16 300 200 @ 300 @ 300 @ 500 @ 300 @ $13.00 Average-cost per unit $ @ 13.10 13.25 13.30 13.30 13.40 Sales September 4 17 27 30 400 600 300 200 Calculate average-cost per unit. Assume that perpetual inventory records are kept in units only. (Round answer to 2 decimal places, eg. 2.76.)
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