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: Number Date Transaction Per Unit Total of Units Apr. 3 Inventory 84 $300 $25,200 Purchase 168 360 60,480 11 Sale 113 1,000 113,000 30 Sale 71 1,000 71,000 May 8 Purchase 140 400 56,000 10 Sale 84 1,000 84,000 19 Sale 42 1,000 42,000 28 Purchase 140 440 61,600 June 5 Sale 84 1,050 88,200 16 Sale 112 1,050 117,600 21 Purchase 252 480 120,960 28 Sale 126 1,050 132,300 1. Record the inventory, purchases, and cost of merchandise 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 Merchandise Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column. Dunne Co. Schedule of Cost of Merchandise Sold LIFO Method For the three months ended June 30 Purchases Cost of Merchandise Sold Inventory Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Apr. 3 Apr. 8 Apr. 11 Apr. 30 May 8 May 10 May 19
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: Number Date Transaction Per Unit Total of Units Apr. 3 Inventory 84 $300 $25,200 Purchase 168 360 60,480 11 Sale 113 1,000 113,000 30 Sale 71 1,000 71,000 May 8 Purchase 140 400 56,000 10 Sale 84 1,000 84,000 19 Sale 42 1,000 42,000 28 Purchase 140 440 61,600 June 5 Sale 84 1,050 88,200 16 Sale 112 1,050 117,600 21 Purchase 252 480 120,960 28 Sale 126 1,050 132,300 1. Record the inventory, purchases, and cost of merchandise 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 Merchandise Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column. Dunne Co. Schedule of Cost of Merchandise Sold LIFO Method For the three months ended June 30 Purchases Cost of Merchandise Sold Inventory Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Apr. 3 Apr. 8 Apr. 11 Apr. 30 May 8 May 10 May 19
Financial Accounting
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter7: Inventories
Section: Chapter Questions
Problem 3PEA: Beginning inventory, purchases, and sales for Item Zebra 9x are as follows: Assuming a perpetual...
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