LIFO Perpetual InventoryThe beginning inventory at Dunne Co. and data on purchases and sales for a three-month period are as follows:NumberDateTransactionof UnitsPer Unit TotalApr. 3 Inventory36$600$21,6008.Purchase7272051,84011Sale482,00096,00030Sale302,00060,000May 8 Purchase6080048,00010 Sale362,00072,00019Sale182,00036,00028Purchase6088052,800June 5Sale362,10075,60016Sale482,100100,80021Purchase108960103,68028Sale542,100113,400For the Three Months Ended June 30PurchasesCost of Goods Sold1.DateQuantityUnit CostTotal CostQuantityUnit CostTotal CostQuantityApr. 3Apr. 8Apr. 11Apr. 30May BMay 10May 19Chapter 6- Assignment 3 assignment take frameMay 28June SJune 16June 21June 28June 30Balances2. Determine the total sales, the total cost of goods sold, and the gross profit from sales for the period.Total salesTotal cost of goods soldGross profit from sales3. Determine the ending inventory cost as of June 30.

Name: LIFO Perpetual InventoryThe beginning inventory at Dunne Co. and data
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Description: LIFO Perpetual InventoryThe beginning inventory at Dunne Co. and data on purchases and sales for a three-month period are as follows:NumberDateTransactionof UnitsPer Unit TotalApr. 3 Inventory36$600$21,6008.Purchase7272051,84011Sale482,00096,00030Sa

Using LIFO method, the units purchased at last are to be sold first.

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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 36 $600 $21,600 8. Purchase 72 720 51,840 11 Sale 48 2,000 96,000 30 Sale 30 2,000 60,000 May 8 Purchase 60 800 48,000 10 Sale 36 2,000 72,000 19 Sale 18 2,000 36,000 28 Purchase 60 880 52,800 June 5 Sale 36 2,100 75,600 16 Sale 48 2,100 100,800

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 36 $600 $21,600 8. Purchase 72 720 51,840 11 Sale 48 2,000 96,000 30 Sale 30 2,000 60,000 May 8 Purchase 60 800 48,000 10 Sale 36 2,000 72,000 19 Sale 18 2,000 36,000 28 Purchase 60 880 52,800 June 5 Sale 36 2,100 75,600 16 Sale 48 2,100 100,800

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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LIFO perpetual inventory The beginning inventory for Dunne Co. and data on purchases and sales for a three-month period are shown in Problem 6-1B. Instructions 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. 2. Determine the total sales, the total cost of goods sold, and the gross profit from sales for the period. 3. Determine the ending inventory cost on June 30.
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