3/1/21, 9:32 PMLIFO Perpetual InventoryThe beginning inventory at Dunne Co. and data on purchases and sales for a three-month period are as follows:NumberDate Transaction of Units Per Unit TotalApr. 3 Inventory72$ 300 $ 21,6008 Purchase14436051,84011 Sale961,00096,00030 Sale601,00060,000May 8 Purchase12040048,00010 Sale721,00072,00019 Sale361,00036,00028 Purchase12044052,800June 5 Sale721,05075,60016 Sale961,050 100,80021Purchase216480103,68028 Sale1081,050 113,400Required:1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the oneillustrated in Exhibit 4 , using the last-in, first-out method. Under LIFO, if units are in inventory at two differentcosts, enter the units with the HIGHER unit cost first in the Cost of Goods Sold Unit Cost column and LOWER unitcost first in the Inventory Unit Cost column.Dunne Co.Schedule of Cost of Goods SoldLIFO MethodFor the Three Months Ended June 30PurchasesCost of Goods SoldInventoryDate Quantity Unit CostTotal Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost$$Apr. 37230021,600$7230021,600Apr. 814436051,84014436051,840https://cxp.cengage.com/activityservice/run/html5/handler.jsp?id%=6e.engagenow.com&xdm_c=activityService_activity_1614660547500&xdm_p=1Page 1 of 3 $$7230021,600Apr. 119636034,5609636034,56072Apr. 3060May 812040048,000May 1072May 1936May 2812044052,800June 5721,05075,600June 16June 21216480103,680June 281081,050113,400June 30 Balances$2. Determine the total sales, the total cost of goods sold, and the gross profit from sales for the period.Total salesTotal cost of goods sold $Gross profit from sales $3. Determine the ending inventory cost on June 30.$

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Description: 3/1/21, 9:32 PMLIFO Perpetual InventoryThe beginning inventory at Dunne Co. and data on purchases and sales for a three-month period are as follows:NumberDate Transaction of Units Per Unit TotalApr. 3 Inventory72$ 300 $ 21,6008 Purchase14436051,8401

LIFO means last in first out where as FIFO means first in first out. Inventory and cost of goods…

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LIFO Perpetual Inventory The beginning inventory at 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 72 $ 300 $ 21,600 8 Purchase 144 360 51,840 11 Sale 96 1,000 96,000 30 Sale 60 1,000 60,000 May 8 Purchase 120 400 48,000 10 Sale 72 1,000 72,000 19 Sale 36 1,000 36,000 28 Purchase 120 440 52,800 June 5 Sale 72 1,050 75,600 16 Sale 96 1,050 100,800 21 Purchase 216 480 103,680 28 Sale 108 1,050 113,400 Required: 1. Record the inventory, purchases, and cost of goods 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 Goods Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column.

LIFO Perpetual Inventory The beginning inventory at 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 72 $ 300 $ 21,600 8 Purchase 144 360 51,840 11 Sale 96 1,000 96,000 30 Sale 60 1,000 60,000 May 8 Purchase 120 400 48,000 10 Sale 72 1,000 72,000 19 Sale 36 1,000 36,000 28 Purchase 120 440 52,800 June 5 Sale 72 1,050 75,600 16 Sale 96 1,050 100,800 21 Purchase 216 480 103,680 28 Sale 108 1,050 113,400 Required: 1. Record the inventory, purchases, and cost of goods 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 Goods Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column.

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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