LIFO Perpetual Inventory June 30 are as follows: The beginning Inventory of merc

Question

LIFO Perpetual Inventory June 30 are as follows: The beginning Inventory of merchandise at Dunne Co. and data on purchases and sales for a three-month period ending Number Date Transaction Per Unit Total of Units 42 $525 $22,050 630 52,920 56 1,750 98,000 35 1,75o 61,250 49,000 42 ,7so 73,500 21 1,750 36,7s0 770 53,900 42 1,840 77,280 56 1,840 103,040 840 105,840 63 1,840 115,920 Apr. 3 Inventory 8 Purchase 84 11 Sale 30 Sale May 8 Purchase 10 Sale 19 Sale 70 700 28 Purchase 70 June 5 Sale 16 Sale 21 Purchase 28 Sale 126

Explanation / Answer

DUNNIE COMPANY Schedule of cost of goods sold - LIFO method For the three months ended June 30 Purchases Cost of goods sold Inventory Date Unit Unit cost Value Unit Unit cost Value Unit Unit cost Value Apr.3 42 525 22050 Apr.8 84 630 52920 42 525 22050 84 630 52920 Apr.11 56 630 35280 42 525 22050 0 28 630 17640 Apr.30 28 630 17640 35 525 18375 7 525 3675 May.8 70 700 49000 35 525 18375 70 700 49000 May.10 42 700 29400 35 525 18375 28 700 19600 May.19 21 700 14700 35 525 18375 7 700 4900 May.28 70 770 53900 35 525 18375 7 700 4900 70 770 53900 June.5 42 770 32340 35 525 18375 7 700 4900 28 770 21560 June.16 28 770 21560 14 525 7350 7 700 4900 0 0 0 21 525 11025 0 0 0 June.21 126 840 105840 14 525 7350 126 840 105840 June.28 63 840 52920 14 525 7350 63 840 52920 Jun.30 Balances 261660 223440 60270 Sales: Units Price Value 154 1750 269500 161 1840 296240 315 565740 Total Sales 565740 Cost of goods sold 223440 Gross profit from sales 342300 Ending Inventory 60270

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