Assignment Details
Subject: Business / Accounting
QuestionThe beginning inventory at Dunne Co. and data on purchases and sales for a three-month period are as follows:
Apr. 3 Inventory 54 $375 $20,250
8 Purchase 108 450 48,600
11 Sale 72 1,250 90,000
30 Sale 45 1,250 56,250
May 8 Purchase 90 500 45,000
10 Sale 54 1,250 67,500
19 Sale 27 1,250 33,750
28 Purchase 90 550 49,500
June 5 Sale 54 1,315 71,010
16 Sale 72 1,315 94,680
21 Purchase 162 600 97,200
28 Sale 81 1,315 106,515Required:1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in Exhibit 3, 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 Goods Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column.
Apr. 3 $ $
Apr. 8 $ $
Apr. 11 $ $
Apr. 30
May 8
May 10
May 19
May 28
June 5
June 16
June 21
June 28
June 30 Balances $ $2. Determine the total sales, the total cost of goods sold, and the gross profit from sales for the period.
Total sales $
Total cost of goods sold $
Gross profit from sales $3. Determine the ending inventory cost as of June 30.