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:

Date	Transaction	Number of Units		Per Unit		Total
Apr. 3	Inventory	25		$1,200		$30,000
8	Purchase	75		1,240		93,000
11	Sale	40		2,000		80,000
30	Sale	30		2,000		60,000
May 8	Purchase	60		1,260		75,600
10	Sale	50		2,000		100,000
19	Sale	20		2,000		40,000
28	Purchase	80		1,260		100,800
June 5	Sale	40		2,250		90,000
16	Sale	25		2,250		56,250
21	Purchase	35		1,264		44,240
28	Sale	44		2,250		99,000

Required:

1. Determine the inventory on June 30, 2016, and the cost of goods sold for the three-month period, using the first-in, first-out method and the periodic inventory system.

Merchandise inventory, June 30, 2016	$
Cost of merchandise sold	$

2. Determine the inventory on June 30, 2016, and the cost of goods sold for the three-month period, using the last-in, first-out method and the periodic inventory system.

Merchandise inventory, June 30, 2016	$
Cost of merchandise sold	$

3. Determine the inventory on June 30, 2016, and the cost of goods sold for the three-month period, using the weighted average cost method and the periodic inventory system.

Note: Round the weighted average unit cost to the nearest dollar, then use rounded amount in subsequent computations.

Merchandise inventory, June 30, 2016	$
Cost of merchandise sold	$

4. Compare the gross profit and June 30, 2016, inventories using the following column headings. Enter all amounts as positive numbers.

	FIFO	LIFO	Weighted Average
Sales	$	$	$
Cost of merchandise sold
Gross profit	$	$	$
Inventory, June 30, 2016	$	$	$