FIFO Perpetual Inventory The beginning inventory at Dunne Co. and data on purcha

Question

FIFO Perpetual Inventory The beginning inventory at Dunne Co. and data on purchases and sales for a three-month period ending June 30 are as follows Number Date Transaction of Units Per Unit Total Apr. 3 Inventory 84 $600 $50,400 8 Purchase 168 720 120,960 112 2,000 224,000 70 2,000 140,000 May 8 Purchase 140 800 112,000 84 2,000 168,000 42 2,000 84,000 28 Purchase 140 880 123,200 84 2,100 176,400 112 2,100 235,200 21 Purchase 252 960 241,920 126 2,100 264,600 11 Sale 30 Sale 10 Sale 19 Sale June 5 Sale 16 Sale 28 Sale Required: the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated 1. Record Goods Sold Unit Cost column and in the Inventory Unit Cost column. Dunne Co. Schedule of Cost of Goods Sold FIFO Method For the Three Months Ended June 30 Purchases Cost of Goods Sold Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Apr. 8 Apr. 11 Apr. 30 Check My Work Assignment Score: 64.65% 21

Explanation / Answer

Journal:

Gross profit= 1292200-500640= 791560

ending inventory at cost= 147840

Purchases Cost of goods sold Inventory Date Quantity Unit cost Total cost Quantity Unit cost Total cost Quantity Unit cost Total cost Apr. 3              84           600        50,400 Apr. 8           168           720        1,20,960              84           600        50,400           168           720     1,20,960 Apr. 11             84           600      50,400           140           720     1,00,800             28           720      20,160 Apr. 30             70           720      50,400              70           720        50,400 May. 8           140           800        1,12,000              70           720        50,400           140           800     1,12,000 May. 10             70           720      50,400             14           800      11,200           126           800     1,00,800 May.19             42           800      33,600              84           800        67,200 May. 28           140           880        1,23,200              84           800        67,200           140           880     1,23,200 Jun. 5             84           800      67,200           140           880     1,23,200 Jun. 16           112           880      98,560              28           880        24,640 Jun. 21           252           960        2,41,920              28           880        24,640           252           960     2,41,920 Jun. 28             28           880      24,640             98           960      94,080           154           960     1,47,840 Jun.30 Balances 5,00,640     1,47,840

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