LIFO Perpetual Inventory The beginning inventory at Dunne Co. and data on purchases and sales for...
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 | ||||
| 16 | Sale | 88 | 1,050 | 92,400 | ||||
| 21 | Purchase | 198 | 480 | 95,040 | ||||
| 28 | Sale | 99 | 1,050 | 103,950 | ||||
Required:
1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in Exhibit 4 , 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.
| Dunne Co. Schedule of Cost of Goods Sold LIFO Method For the Three Months Ended June 30 |
|||||||||
| Purchases | Cost of Goods Sold | Inventory | |||||||
| Date | Quantity | Unit Cost | Total Cost | Quantity | Unit Cost | Total Cost | Quantity | Unit Cost | Total Cost |
| 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 on June
30.
$
Homework Answers
| Computation of closing stock - LIFO Method | Amount In $ | |||||||
| Date | Transaction | Purchase | Sales | Balance | ||||
| Total | No of Units | Per Unit | Total | No of Units | Per Unit | Total | ||
| Apr. 3 | Inventory - Opening | 66 | 300 | 19,800 | ||||
| Apr. 8 | Purchase | 47,520 | 66 | 300 | 19,800 | |||
| 132 | 360 | 47,520 | ||||||
| Apr. 11 | Sale | 88 | 1,000 | 88,000 | 66 | 300 | 19,800 | |
| 44 | 360 | 15,840 | ||||||
| Apr. 30 | Sale | 55 | 1,000 | 55,000 | 55 | 300 | 16,500 | |
| May. 08 | Purchase | 44,000 | 55 | 300 | 16,500 | |||
| 110 | 400 | 44,000 | ||||||
| May. 10 | Sale | 66 | 1,000 | 66,000 | 55 | 300 | 16,500 | |
| 44 | 400 | 17,600 | ||||||
| May. 19 | Sale | 33 | 1,000 | 33,000 | 55 | 300 | 16,500 | |
| 11 | 400 | 4,400 | ||||||
| May. 28 | Purchase | 48,400 | 55 | 300 | 16,500 | |||
| 11 | 400 | 4,400 | ||||||
| 110 | 440 | 48,400 | ||||||
| Jun. 05 | Sale | 66 | 1,050 | 69,300 | 55 | 300 | 16,500 | |
| 11 | 400 | 4,400 | ||||||
| 44 | 440 | 19,360 | ||||||
| Jun. 16 | Sale | 88 | 1,050 | 92,400 | 33 | 300 | 9,900 | |
| Jun. 21 | Purchase | 95,040 | 33 | 300 | 9,900 | |||
| 198 | 480 | 95,040 | ||||||
| Jun. 28 | Sale | 99 | 1,050 | 1,03,950 | 33 | 300 | 9,900 | |
| 99 | 480 | 47,520 | ||||||
| Jun. 30 | Inventory - Closing | 33 | 300 | 9,900 | ||||
| 99 | 480 | 47,520 | ||||||
| Total Value Purchase & Sales | 2,34,960 | 5,07,650 | 57,420 | |||||
| Computation of Gross Profit | Amt | |||||||
|
Opening I
Know the answer?
Add Answer to:
|
.....................
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: Number Date Transaction of Units Per Unit Total Apr. 3 Inventory 84 $450 $37,800 Purchase 168 540 90,720 11 Sale 113 1,500 169,500 Sale 30 71 1,500 106,500 May 8 Purchase 140 600 84,000 Sale 10 84 1,500 126,000 19 Sale 42 1,500 63,000 28 Purchase 140 660 92,400 June 5 Sale 84 1,575 132,300 16 Sale 112...
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...
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...
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 $32,400 77,760 8 Purchase $450 540 1,500 1,500 11 Sale 144,000 30 Sale 90,000 May 8 Purchase 600 72,000 10 Sale 19 Sale 36 . 1,500 1,500 660 1,575 108,000 54,000 79,200 28 Purchase June 5 Sale 113,400 1.575 16 21 Sale...