Question: Can someone help me on resolving this problem. Thanks I will appreciated. Periodic Inventory by Three Methods The beginning inventory for Dunne Co. and data
Periodic Inventory by Three Methods The beginning inventory for Dunne Co. and data on purchases and sales for a three-month period are as follows: Number Per of Units Unit Date Transactio $1,200 30,000 Apr. 3 Inventory 93,000 1,240 8 Purchase 11 Sale 30 Sale 75600 May 8 Purchase 1,260 10 Sale 100,000 2,000 19 Sale 28 Purchase 1,260 100,800 90,000 June 5 Sale 16 Sale 2,250 21 Purchase 1,264 44,240 28 Sale 99,000 Required 1. Determine the inventory on June 30, 2014, and the cost of goods sold for the three-month period, using the first-in, first-ou Merchandise inventory, June 30, 2014 32864 Cost of merchandise sold 31077 V 2. Determine the inventory on June 30, 2014, and the cost of goods sold for the three-month period, using the last-in, first Merchandise inventory, June 30, 2014 31560 Cost of merchandise sold 31208 3. Determine the inventory on June 30, 2014, and the cost of goods sold for the three-month period, using the weighted avera Note: Round the weighted average unit cost to the nearest dollar then use rounded amount in subsequent computations. Merchandise inventory, June 30, 2014 Cost of merchandise sold 4. Compare the gross profit and June 30, 2014, inventories using the following column headings. Enter all amounts as positive FIFO LIFO Weighted Average 52525 52525 Cost of merchandise sold 31208 31077 214474 21317 Inventory, June 30, 2014 32864 31560
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