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2 CengageNOWV2] Online : keAssignment/takeAssignmentMain.do?invoker-assignments&takeAssignmentSessionLocator; ilrn/ta FIFO Perpetual Inventory The beginning inventory at Dunne Co. and dat assignment a on purchases and sales for a three-month period ending June 30 are as follows: Number Date Transaction of Units Pe Unit Total Apr. 3 Inventory 8 Purchase 42 84 56 35 70 42 21 $450 540 1,500 1,500 600 1,500 1,500 660 1,575 1,575 720 1,575 $18,900 45,360 84,000 52,500 42,000 63,000 31,500 46,200 66,150 88,200 90,720 99,225 30 Sale May 8 Purchase 10 Sale 19 Sale 28 Purchase June 5 Sale 16 Sale 21 Purchase 28 Sale 63 Required: 1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in using the first-in, first-out method. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cos

Explanation / Answer

STATEMENT SHOWING INVENTORY RECORD UNDER PERPETUAL FIFO METHOD RECIEPTS COST OF GOODS SOLD BALANCE DATE UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ 3-Apr 42 450 18900 8-Apr 84 540 45360 42 450 18900 84 540 45360 11-Apr 42 450 18900 14 540 7560 70 540 37800 30-Apr 35 540 18900 35 540 18900 8-May 70 600 42000 35 540 18900 70 600 42000 10-May 35 540 18900 7 600 4200 63 600 37800 19-May 21 600 12600 42 600 25200 28-May 70 660 46200 42 600 25200 70 660 46200 5-Jun 42 600 25200 70 660 46200 16-Jun 56 660 36960 14 660 9240 21-Jun 126 720 90720 14 660 9240 126 720 90720 28-Jun 14 660 9240 49 720 35280 77 720 55440 TOTAL 350 224280 315 187740 77 55440 Total sales: 484575 (84000+52500+63000+31500+66150+88200+99225) Journal entry for sale: Accounts receivable Account Dr. 484575      Ssales revennue 484575 Journal entry for COGS: Cost of Goods sold Account Dr. 187740      Inventory Account 187740 Req 3: Gross profit: Sales 484575 Less: COGS 187740 Gross profit: 296835 Req 4: Ending inventory on June30: $ 55440 Req 5: Inventory as per LIFO shall be LOWER

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