Periodic Inventory by Three MethodsThe beginning inventory for Dunne Co. and data on purchases and sales for a three-month period are as follows:NumberDateTransactionof UnitsPer UnitTotalApr. 3Inventory25$1,200$30,0008 Purchase751,24093,00011 Sale402,00080,00030Sale302,00060,000May 8 Purchase601,26075,60010 Sale502,000100,00019 Sale202,00040,00028Purchase801,260100,800June 5 Sale402,25090,00016 Sale252,25056,25021 Purchase351,26444,24028 Sale442,25099,000 Required:1. Determine the inventory on June 30 and the cost of goods sold for the three-month period, using the first-in, first-out method and the periodic inventory system.Inventory, June 30$4Cost of goods sold$42. Determine the inventory on June 30 and the cost of goods sold for the three-month period, using the last-in, first-out method and the periodic inventory system.Inventory, June 30Cost of goods sold$43. Determine the inventory on June 30 and the cost of goods sold for the three-month period, using the weighted average cost method and the periodic inventory system.INote: Round the weighted average unit cost to the nearest dollar and final answers to the nearest dollar.Inventory, June 30Cost of goods sold4. Compare the gross profit and June 30 inventories using the following column headings. For those boxes in which you must enter subtracted or negative numbers use a minus sign.FIFOLIFOWeighted AverageSales$4Cost of goods soldGross profitInventory, June 30$4%24%24%24%24%24%24%24%24

Name: Periodic Inventory by Three MethodsThe beginning inventory for Dunne
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Description: Periodic Inventory by Three MethodsThe beginning inventory for Dunne Co. and data on purchases and sales for a three-month period are as follows:NumberDateTransactionof UnitsPer UnitTotalApr. 3Inventory25$1,200$30,0008 Purchase751,24093,00011 Sale40

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The beginning inventory for 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 25 $1,200 $30,000 8 Purchase 75 1,240 93,000 11 Sale 40 2,000 80,000 30 Sale 30 2,000 60,000 May 8 Purchase 60 1,260 75,600 10 Sale 50 2,000 100,000 19 Sale 20 2,000 40,000 28 Purchase 80 1,260 100,800 June 5 Sale 40 2,250 90,000 16 Sale 25 2,250 56,250 21 Purchase 35 1,264 44,240 28 Sale 44 2,250 99,000

The beginning inventory for 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 25 $1,200 $30,000 8 Purchase 75 1,240 93,000 11 Sale 40 2,000 80,000 30 Sale 30 2,000 60,000 May 8 Purchase 60 1,260 75,600 10 Sale 50 2,000 100,000 19 Sale 20 2,000 40,000 28 Purchase 80 1,260 100,800 June 5 Sale 40 2,250 90,000 16 Sale 25 2,250 56,250 21 Purchase 35 1,264 44,240 28 Sale 44 2,250 99,000

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter6: Receivables And Inventories

Section: Chapter Questions

Problem 6.4.4P: Inventory by three cost flow methods Details regarding the inventory of appliances on January 1,...

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