LIFO Perpetual Inventory The beginning inventory of merchandise at Dunne Co. and data on purchases and...

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LIFO 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 of Units Date Transaction Apr. 3 8 11 May 8 10 19 28 June 5 Inventory Purchase 30 Sale Sale 28 Purchase Sale Sale Purchase Sale 16 21 Purchase Sale Sale 90 180 121 76 150 90 45 150 90 120 270 135 Per Unit $525 630 1,750 1,750 700 1,750 1,750 770 1,840 1,840 840 1,840 Total $47,250 113,400 211,750 133,000 105,000 157,500 78,750 115,500 165,600 220,800 226,800 248,400 Required: 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. Date Apr. 3 Apr. 8 Apr. 11 Apr. 30 May 8 May 10 May 19 Quantity Purchases Unit Cost Total Cost Dunne Co. Schedule of Cost of Merchandise Sold LIFO Method For the three months ended June 30 Cost of Merchandise Sold Unit Cost Quantity Total Cost = Quantity Inventory Unit Cost Total Cost C7 Problems May 28 June 5 June 16 June 21 June 28 June 30 Balances || eBook $ $ 2. Determine the total sales, the total cost of merchandise sold, and the gross profit from sales for the period. Total sales Total cost of merchandise sold Gross profit from sales 3. Determine the ending inventory cost on June 30. Show Me How Check My Work 2 more Check My Work uses remaining. Calculator Print Item Previous LIFO 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 of Units Date Transaction Apr. 3 8 11 May 8 10 19 28 June 5 Inventory Purchase 30 Sale Sale 28 Purchase Sale Sale Purchase Sale 16 21 Purchase Sale Sale 90 180 121 76 150 90 45 150 90 120 270 135 Per Unit $525 630 1,750 1,750 700 1,750 1,750 770 1,840 1,840 840 1,840 Total $47,250 113,400 211,750 133,000 105,000 157,500 78,750 115,500 165,600 220,800 226,800 248,400 Required: 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. Date Apr. 3 Apr. 8 Apr. 11 Apr. 30 May 8 May 10 May 19 Quantity Purchases Unit Cost Total Cost Dunne Co. Schedule of Cost of Merchandise Sold LIFO Method For the three months ended June 30 Cost of Merchandise Sold Unit Cost Quantity Total Cost = Quantity Inventory Unit Cost Total Cost C7 Problems May 28 June 5 June 16 June 21 June 28 June 30 Balances || eBook $ $ 2. Determine the total sales, the total cost of merchandise sold, and the gross profit from sales for the period. Total sales Total cost of merchandise sold Gross profit from sales 3. Determine the ending inventory cost on June 30. Show Me How Check My Work 2 more Check My Work uses remaining. Calculator Print Item Previous

Answer rating: 100% (QA)

date 03Apr 08Apr 11Apr 30Apr 08May 10May 19May 28May 05Jun 16Jun 21Jun 28Jun DUNNE CO Schedule of co... View the full answer