FIFO Perpetual Inventory The beginning inventory at Dunne Co. and data on purchases and sales for a three-month period ending June 30 are as follows: Number Date Transaction of Units Per Unit Total Apr. 3 Inventory 78 $525 $40,950 8 Purchase 156 630 98,280 11 Sale 104 1,750 182,000 30 Sale 65 1,750 113,750 May 8 Purchase 130 700 91,000 10 Sale 78 1,750 136,500 19 Sale 39 1,750 68,250 28 Purchase 130 770 100,100 June 5 Sale 78 1,840 143,520 16 Sale 104 1,840 191,360 21 Purchase 234 840 196,560 28 Sale 117 1,840 215.280 Required: 1. Record the invertory, purchases. and cost of merchandise sold data in perpetual invertory record similar to the one lustrated in Ehi method. Under FIFO, f units are in inventory at two dfferent costs, enter the units with the LOWER unit cost first in the Cost of Goods Sold

FIFO Perpetual Inventory The beginning inventory at Dunne Co. and data on purchases and sales for a three-month period ending June 30 are as follows: Number Date Transaction of Units Per Unit Total Apr. 3 Inventory 78 $525 $40,950 8 Purchase 156 630 98,280 11 Sale 104 1,750 182,000 30 Sale 65 1,750 113,750 May 8 Purchase 130 700 91,000 10 Sale 78 1,750 136,500 19 Sale 39 1,750 68,250 28 Purchase 130 770 100,100 June 5 Sale 78 1,840 143,520 16 Sale 104 1,840 191,360 21 Purchase 234 840 196,560 28 Sale 117 1,840 215.280 Required: 1. Record the invertory, purchases. and cost of merchandise sold data in perpetual invertory record similar to the one lustrated in Ehi method. Under FIFO, f units are in inventory at two dfferent costs, enter the units with the LOWER unit cost first in the Cost of Goods Sold

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Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter6: Inventories

Section: Chapter Questions

Problem 2PB: LIFO perpetual inventory The beginning inventory for Dunne Co. and data on purchases and sales for a...

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Hurst Companys beginning inventory and purchases during the fiscal year ended December 31, 20-2, were as follows: There are 1,200 units of inventory on hand on December 31, 20-2. REQUIRED 1. Calculate the total amount to be assigned to the cost of goods sold for 20-2 and ending inventory on December 31 under each of the following periodic inventory methods: (a) FIFO (b) LIFO (c) Weighted-average (round calculations to two decimal places) 2. Assume that the market price per unit (cost to replace) of Hursts inventory on December 31 was 18. Calculate the total amount to be assigned to the ending inventory on December 31 under each of the following methods: (a) FIFO lower-of-cost-or-market (b) Weighted-average lower-of-cost-or-market 3. In addition to taking a physical inventory on December 31, Hurst decides to estimate the ending inventory and cost of goods sold. During the fiscal year ended December 31, 20-2, net sales of 100,000 were made at a normal gross profit rate of 35%. Use the gross profit method to estimate the cost of goods sold for the fiscal year ended December 31 and the inventory on December 31.
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