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ne 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 $ 225 90 $ 20,250 8 Purchase 180 270 48,600 11 Sale 121 750 90,750 30 Sale 76 750 57,000 May 8 Purchase 150 300 45,000 10 Sale 90 750 67,500 19 Sale 45 750 33,750 28 Purchase 150 330 49,500 June 5 Sale 90 790 71,100 16 Sale 120 790 94,800 21 Purchase 270 97,200 360 28 Sale 135 790 106,650

ne 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 $ 225 90 $ 20,250 8 Purchase 180 270 48,600 11 Sale 121 750 90,750 30 Sale 76 750 57,000 May 8 Purchase 150 300 45,000 10 Sale 90 750 67,500 19 Sale 45 750 33,750 28 Purchase 150 330 49,500 June 5 Sale 90 790 71,100 16 Sale 120 790 94,800 21 Purchase 270 97,200 360 28 Sale 135 790 106,650

Financial And Managerial Accounting
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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1.Table include April 3 to June 30 , can’t post the whole thing… 2. Determine the total sales, the total cost of goods sold, and the gross profit from sales for the period. Total sales? Total cost of goods sold? Gross profit from sales? Determine the ending inventory cost on June 30 ?
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 $ 225 90 $ 20,250 8 Purchase 180 270 48,600 11 Sale 121 750 90,750 30 Sale 76 750 57,000 May 8 Purchase 150 300 45,000 10 Sale 90 750 67,500 19 Sale 45 750 33,750 28 Purchase 150 330 49,500 June 5 Sale 90 790 71,100 16 Sale 120 790 94,800 21 Purchase 270 360 97,200 28 Sale 135 790 106,650 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
Transcribed Image Text: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 $ 225 90 $ 20,250 8 Purchase 180 270 48,600 11 Sale 121 750 90,750 30 Sale 76 750 57,000 May 8 Purchase 150 300 45,000 10 Sale 90 750 67,500 19 Sale 45 750 33,750 28 Purchase 150 330 49,500 June 5 Sale 90 790 71,100 16 Sale 120 790 94,800 21 Purchase 270 360 97,200 28 Sale 135 790 106,650 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
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 t 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. Dunne Co. Schedule of Cost of Goods Sold LIFO Method For the Three Months Ended June 30 Purchases Cost of Goods Sold Inventory Date Quantity Unit Cost Total Cost Quantity Total Cost Unit Cost Quantity Unit Cost Total Cost Apr. 3 | Apг. 8 $ Арг. 11 $ Apг. 30 May 8
Transcribed Image Text: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 t 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. Dunne Co. Schedule of Cost of Goods Sold LIFO Method For the Three Months Ended June 30 Purchases Cost of Goods Sold Inventory Date Quantity Unit Cost Total Cost Quantity Total Cost Unit Cost Quantity Unit Cost Total Cost Apr. 3 | Apг. 8 $ Арг. 11 $ Apг. 30 May 8
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