FIFO Perpetual Inventory 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 of Units Per Unit Total Apr. 3 Inventory 78 $450 $35,100 8 Purchase 156 540 84,240 11 Sale 104 1,500 156,000 30 Sale 65 1,500 97,500 May 8 Purchase 130 600 78,000 10 Sale 78 1,500 117,000 19 Sale 39 1,500 58,500 28 Purchase 130 660 85,800 June 5 Sale 78 1,575 122,850 16 Sale 104 1,575 163,800 21 Purchase 234 720 168,480 28 Sale 117 1,575 184,275 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. Dunne Co. Schedule of Cost of Merchandise Sold FIFO 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 Total Cost Apr. 3 Apr. 8 156 Apr. 11 Apr. 30 May 8 84,240 130 600 78,000 78 26 65 97,500 X $
FIFO Perpetual Inventory 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 of Units Per Unit Total Apr. 3 Inventory 78 $450 $35,100 8 Purchase 156 540 84,240 11 Sale 104 1,500 156,000 30 Sale 65 1,500 97,500 May 8 Purchase 130 600 78,000 10 Sale 78 1,500 117,000 19 Sale 39 1,500 58,500 28 Purchase 130 660 85,800 June 5 Sale 78 1,575 122,850 16 Sale 104 1,575 163,800 21 Purchase 234 720 168,480 28 Sale 117 1,575 184,275 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. Dunne Co. Schedule of Cost of Merchandise Sold FIFO 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 Total Cost Apr. 3 Apr. 8 156 Apr. 11 Apr. 30 May 8 84,240 130 600 78,000 78 26 65 97,500 X $
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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