The beginning inventory of merchandise at Dunne Co. and data on purchases and sales for a three-month period ending June 30 are as follows: Date Transaction Number of Units Per Unit Total Apr. 3 Inventory 42 $225 $9,450 8 Purchase 84 270 22,680 11 Sale 56 750 42,000 30 Sale 35 750 26,250 May 8 Purchase 70 300 21,000 10 Sale 42 750 31,500 19 Sale 21 750 15,750 28 Purchase 70 330 23,100 June 5 Sale 42 790 33,180 16 Sale 56 790 44,240 21 Purchase 126 360 45,360 28 Sale 63 790 49,770 Required: 1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 3, using the first-in, first-out method. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Merchandise Sold Unit Cost column and in the Inventory Unit Cost column.
The beginning inventory of merchandise at Dunne Co. and data on purchases and sales for a three-month period ending June 30 are as follows: Date Transaction Number of Units Per Unit Total Apr. 3 Inventory 42 $225 $9,450 8 Purchase 84 270 22,680 11 Sale 56 750 42,000 30 Sale 35 750 26,250 May 8 Purchase 70 300 21,000 10 Sale 42 750 31,500 19 Sale 21 750 15,750 28 Purchase 70 330 23,100 June 5 Sale 42 790 33,180 16 Sale 56 790 44,240 21 Purchase 126 360 45,360 28 Sale 63 790 49,770 Required: 1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 3, using the first-in, first-out method. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Merchandise Sold Unit Cost column and 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 1PB: FIFO perpetual inventory The beginning inventory at Dunne Co. and data on purchases and sales for a...
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The beginning inventory of merchandise at Dunne Co. and data on purchases and sales for a three-month period ending June 30 are as follows:
Date | Transaction | Number of Units |
Per Unit | Total | ||||
Apr. 3 | Inventory | 42 | $225 | $9,450 | ||||
8 | Purchase | 84 | 270 | 22,680 | ||||
11 | Sale | 56 | 750 | 42,000 | ||||
30 | Sale | 35 | 750 | 26,250 | ||||
May 8 | Purchase | 70 | 300 | 21,000 | ||||
10 | Sale | 42 | 750 | 31,500 | ||||
19 | Sale | 21 | 750 | 15,750 | ||||
28 | Purchase | 70 | 330 | 23,100 | ||||
June 5 | Sale | 42 | 790 | 33,180 | ||||
16 | Sale | 56 | 790 | 44,240 | ||||
21 | Purchase | 126 | 360 | 45,360 | ||||
28 | Sale | 63 | 790 | 49,770 |
Required:
1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 3, using the first-in, first-out method. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Merchandise Sold Unit Cost column and in the Inventory Unit Cost column.
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