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The beginning inventory for Dunne Co. and data on purchases and sales for a three-month period are shown in Problem 7-1B. Instructions 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. 2. Determine the total sales, the total cost of merchandise sold, and the gross profit from sales for the period. 3. Determine the ending inventory cost on June 30.
Financial Accounting
Solutions
Financial Accounting
The beginning inventory for Dunne Co. and data on purchases and sales for a three-month period are shown in Problem 7-1B.
Instructions
- 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.
- 2. Determine the total sales, the total cost of merchandise sold, and the gross profit from sales for the period.
- 3. Determine the ending inventory cost on June 30.
(1)
Record inventory, purchases and cost of merchandise sold in perpetual inventory system.
Explanation of Solution
Perpetual Inventory System: Perpetual Inventory System refers to the inventory system that maintains the detailed records of every inventory transactions related to purchases, and sales on a continuous basis. It shows the exact on-hand-inventory at any point of time...
(2)
Calculate sales and cost of merchandise sold accounts and gross profit for the three months period.
(3)
Determine ending inventory cost for the period ending June 30.
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