Ans. 1 | DUNNE CO. | |||||||||
Schedule of Cost of Merchandise Sold | ||||||||||
FIFO Method | ||||||||||
For the three - months ended June 30 | ||||||||||
Purchase | Cost of merchandise sold | Balance | ||||||||
Date | Quantity | Unit cost | Total cost | Quantity | Unit cost | Total cost | Quantity | Unit cost | Total cost | |
3-Apr | 78 | $600.00 | $46,800 | 78 | $600.00 | $46,800 | ||||
8-Apr | 156 | $720.00 | $112,320 | 78 | $600.00 | $46,800 | ||||
156 | $720.00 | $112,320 | ||||||||
11-Apr | 78 | $600.00 | $46,800 | |||||||
26 | $720.00 | $18,720 | 130 | $720.00 | $93,600 | |||||
30-Apr | 65 | $720.00 | $46,800 | 65 | $720.00 | $46,800 | ||||
8-May | 130 | $800.00 | $104,000 | 65 | $720.00 | $46,800 | ||||
130 | $800.00 | $104,000 | ||||||||
10-May | 65 | $720.00 | $46,800 | |||||||
13 | $800.00 | $10,400 | 117 | $800.00 | $93,600 | |||||
19-May | 39 | $800.00 | $31,200 | 78 | $700.00 | $54,600 | ||||
28-May | 130 | $880.00 | $114,400 | 78 | $700.00 | $54,600 | ||||
130 | $880.00 | $114,400 | ||||||||
5-Jun | 78 | $700.00 | $54,600 | 130 | $880.00 | $114,400 | ||||
16-Jun | 104 | $880.00 | $91,520 | 26 | $880.00 | $22,880 | ||||
21-Jun | 234 | $960.00 | $224,640 | 26 | $880.00 | $22,880 | ||||
234 | $960.00 | $224,640 | ||||||||
28-Jun | 26 | $880.00 | $22,880 | |||||||
91 | $960.00 | $87,360 | 143 | $960.00 | $137,280 | |||||
Total | Cost of goods sold | $457,080 | Ending inventory | $137,280 | ||||||
*In FIFO method the units that have purchased first, are released the first one and the ending inventory | ||||||||||
units remain from the last purchases. |
Ans. 2 | General Journal | Debit | Credit | ||
Accounts receivable | $1,199,900 | ||||
Sales | $1,199,900 | ||||
(Total sales recorded) | |||||
Cost of merchandise sold | $457,080 | ||||
Merchandise inventory | $457,080 | ||||
(Total cost of merchandise sold) |
*Calculation of sales: | |||||
Date | Units | Rate | Cost | ||
11-Apr | 104 | $2,000.00 | $208,000 | ||
30-Apr | 65 | $2,000.00 | $130,000 | ||
10-May | 78 | $2,000.00 | $156,000 | ||
19-May | 39 | $2,000.00 | $78,000 | ||
5-Jun | 78 | $2,100.00 | $163,800 | ||
16-Jun | 104 | $2,100.00 | $218,400 | ||
28-Jun | 117 | $2,100.00 | $245,700 | ||
Total sales | $1,199,900 | ||||
Ans. 3 | Sales | $1,199,900 | |||
Less: Cost of goods sold | $457,080 | ||||
Gross profit | $742,820 | ||||
Ans. 4 | Ending inventory | $137,280 |
.................. FIFO Perpetual Inventory The beginning inventory at Dunne Co. and data on purchases and sales...
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: Date Transaction Number of Units Per Unit Total Apr. 3 Inventory 90 $525 $47,250 8 Purchase 180 630 113,400 11 Sale 120 1,750 210,000 30 Sale 75 1,750 131,250 May 8 Purchase 150 700 105,000 10 Sale 90 1,750 157,500 19 Sale 45 1,750 78,750 28 Purchase 150 770 115,500 June 5 Sale 90 1,840...
LIFO Perpetual Inventory The beginning inventory of merchandise at Dunne Co. and data on purchases and sales for a three-month period ending June 30 are as follows: Date Transaction Number of Units Per Unit Total Apr. 3 Inventory 78 $450 $35,100 8 Purchase 156 540 84,240 11 Sale 105 1,500 157,500 30 Sale 66 1,500 99,000 May 8 Purchase 130 600 78,000 10 Sale 78 1,500 117,000 19 Sale 39 1,500 58,500 28 Purchase 130 660 85,800 June 5 Sale...
FIFO Perpetual Inventory The beginning inventory of merchandise at Dunne Co. and data on purchases and sales for a three-month period ending June 30 are as follows: Number of Units Date Transaction Per Unit Total Apr. 3 Inventory $1,200 $30,000 8 Purchase 1,240 93,000 11 Sale 2,000 80,000 60,000 30 Sale May 8 Purchase 2,000 1,260 2,000 2,000 1,260 75,600 100,000 10 Sale 19 Sale 40.000 28 Purchase 100,800 June 5 Sale 2,250 90,000 16 Sale 2.250 56,250 21 Purchase...
FIFO Perpetual Inventory The beginning inventory of merchandise at Dunne Co. and data on purchases and sales for a three-month period ending June 30 are as follows: Date Transaction Number of Units Per Unit Total Apr. 3 Inventory 36 $300 $10,800 8 Purchase 72 360 25,920 11 Sale 48 1,000 48,000 30 Sale 30 1,000 30,000 May 8 Purchase 60 400 24,000 10 Sale 36 1,000 36,000 19 Sale 18 1,000 18,000 28 Purchase 60 440 26,400 June 5 Sale...
FIFO Perpetual Inventory The beginning inventory of merchandise at Dunne Co. and data on purchases and sales for a three-month period ending June 30 are as follows: Date Transaction Number of Units Per Unit Total Apr. 3 Inventory 36 $375 $13,500 8 Purchase 72 450 32,400 11 Sale 48 1,250 60,000 30 Sale 30 1,250 37,500 May 8 Purchase 60 500 30,000 10 Sale 36 1,250 45,000 19 Sale 18 1,250 22,500 28 Purchase 60 550 33,000 June 5 Sale...
LIFO Perpetual Inventory 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...
FIFO Perpetual Inventory The beginning inventory of merchandise at Dunne Co. and data on purchases and sales for a three-month period ending June 30 are as follows: Date Transaction Number of Units Per Unit Total Apr. 3 Inventory 66 $225 $14,850 8 Purchase 132 270 35,640 11 Sale 88 750 66,000 30 Sale 55 750 41,250 May 8 Purchase 110 300 33,000 10 Sale 66 750 49,500 19 Sale 33 750 24,750 28 Purchase 110 330 36,300 June 5 Sale...
..................... LIFO Perpetual Inventory The beginning inventory at Dunne Co. and data on purchases and sales for a three-month period are as follows: Number Total of Units Date Transaction Per Unit 375 24,750 Apr. 3 Inventory 66 Purchase 8 132 450 59,400 11 Sale 88 1,250 110,000 30 Sale 55 1,250 68,750 Purchase 55,000 May 8 110 500 Sale 10 66 1,250 82,500 Sale 19 33 1,250 41,250 550 Purchase 28 110 60,500 Sale June 5 66 1,315 86,790 Sale...
LIFO Perpetual Inventory The beginning inventory at 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 66 $ 300 $ 19,800 8 Purchase 132 360 47,520 11 Sale 88 1,000 88,000 30 Sale 55 1,000 55,000 May 8 Purchase 110 400 44,000 10 Sale 66 1,000 66,000 19 Sale 33 1,000 33,000 28 Purchase 110 440 48,400 June 5 Sale 66 1,050 69,300...
Weighted average method cost LIFO Perpetual Inventory The beginning inventory for Dunne Co. and data on purchases and sales for a Number of Units Date Transaction Per Unit Total Apr. 3 Inventory $1,200 8 Purchase 1,240 $30,000 93,000 80,000 60,000 11 Sale 2,000 30 Sale May 8 10 2,000 1,260 2,000 Sale 19 28 June 5 Sale Purchase Sale 2,000 1,260 75,600 100,000 40,000 100,800 90,000 16 Sale 56,250 2,250 252,250 1,264 2,250 21 Purchase 44,240 28 Sale 99,000 Legg...