Beginning inventory at Dunne Co. and purchase and sales data for the three-month period ending June 30
Question:
Beginning inventory at Dunne Co. and purchase and sales data for the three-month period ending June 30 is as follows:
Date | Transaction | number of units | Per unit | Total | ||||
---|---|---|---|---|---|---|---|---|
April 3 | Inventory | 84 | $225 | $18,900 | ||||
8 | Purchase | 168 | 270 | 45,360 | ||||
11 | Sale | 112 | 750 | 84,000 | ||||
30 | Sale | 70 | 750 | 52,500 | ||||
May 8 | Purchase | 140 | 300 | 42,000 | ||||
10 | Sale | 84 | 750 | 63,000 | ||||
19 | Sale | 42 | 750 | 31,500 | ||||
28 | Purchase | 140 | 330 | 46,200 | ||||
5th June | Sale | 84 | 790 | 66,360 | ||||
sixteen | Sale | 112 | 790 | 88,480 | ||||
21 | Purchase | 252 | 360 | 90,720 | ||||
28 | Sale | 126 | 790 | 99,540 |
Required:
1. Record inventory, purchase, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in Exhibit 3, using the first-in, first-out method. In FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Unit Cost column of Cost of Goods Sold and the Inventory Unit Cost column.
Dunne company. Cost of Goods Sold Schedule FIFO Method For the three months ended June 30 | |||||||||
---|---|---|---|---|---|---|---|---|---|
shopping | cost of goods sold | Inventory | |||||||
Date | Amount | Unit cost | Total cost | Amount | Unit cost | Total cost | Amount | Unit cost | Total cost |
April 3 | fill in the blank 1 | $fill in the blank 2 | $fill in the blank 3 | ||||||
April 8 | fill in the blank 4 | $fill in the blank 5 | $fill in the blank 6 | fill in the blank 7 | fill in the blank 8 | fill in the blank 9 | |||
fill in the blank 10 | fill in the blank 11 | fill in the blank 12 | |||||||
April 11 | fill in the blank 13 | $fill in the blank 14 | $fill in the blank 15 | fill in the blank 16 | fill in the blank 17 | fill in the blank 18 | |||
fill in the blank 19 | fill in the blank 20 | fill in the blank 21 | |||||||
April 30th | fill in the blank 22 | fill in the blank 23 | fill in the blank 24 | fill in the blank 25 | fill in the blank 26 | fill in the blank 27 | |||
May 8 | fill in the blank 28 | fill in the blank 29 | fill in the blank 30 | fill in the blank 31 | fill in the blank 32 | fill in the blank 33 | |||
fill in the blank 34 | fill in the blank 35 | fill in the blank 36 | |||||||
May 10 | fill in the blank 37 | fill in the blank 38 | fill in the blank 39 | fill in the blank 40 | fill in the blank 41 | fill in the blank 42 | |||
fill in the blank 43 | fill in the blank 44 | fill in the blank 45 | |||||||
may 19 | fill in the blank 46 | fill in the blank 47 | fill in the blank 48 | fill in the blank 49 | fill in the blank 50 | fill in the blank 51 | |||
May 28 | fill in the blank 52 | fill in the blank 53 | fill in the blank 54 | fill in the blank 55 | fill in the blank 56 | fill in the blank 57 | |||
fill in the blank 58 | fill in the blank 59 | fill in the blank 60 | |||||||
5th June | fill in the blank 61 | fill in the blank 62 | fill in the blank 63 | fill in the blank 64 | fill in the blank 65 | fill in the blank 66 | |||
June 16 | fill in the blank 67 | fill in the blank 68 | fill in the blank 69 | fill in the blank 70 | fill in the blank 71 | fill in the blank 72 | |||
June 21 | fill in the blank 73 | fill in the blank 74 | fill in the blank 75 | fill in the blank 76 | fill in the blank 77 | fill in the blank 78 | |||
fill in the blank 79 | fill in the blank 80 | fill in the blank 81 | |||||||
June 28th | fill in the blank 82 | fill in the blank 83 | fill in the blank 84 | fill in the blank 85 | fill in the blank 86 | fill in the blank 87 | |||
fill in the blank 88 | fill in the blank 89 | fill in the blank 90 | |||||||
June 30th | Balances | $fill in the blank 91 | $fill in the blank 92 |
2. Determine total sales and total cost of goods sold for the period. Journalize entries in the sales and cost of goods sold accounts. Assume that all sales were on account.
record sale | Accounts ReceivableCashCommissions EarnedInventorySales | fill in the blank 94 | |
Accounts ReceivableCashCommissions EarnedInventorySales | fill in the blank 96 | ||
record cost | Accounts ReceivableCashCost of Goods SoldSalesInventory | fill in the blank 98 | |
Accounts Payable Accounts Receivable Cash Cost of Goods Sold Inventory | fill in the blank 100 |
3. Determine the gross profit from sales for the period.
$fill in the blank 101
4. Determine the ending cost of inventory as of June 30.
$fill in the blank 102
5. Based on the data above, would you expect the ending inventory under the last-in, first-out method to be higher or lower?
Accounting
ISBN: 978-1337899451
27th edition
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac