Question

Periodic Inventory by Three Methods The beginning inventory for 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 25 $1,200 $30,000 8 Purchase 1,240 93,000 11 Sale 2,000 80,000 30 Sale 2,000 60,000 May 8 Purchase 1,260 75,600 10 Sale 2,000 100,000 19 Sale 2,000 40,000 28 Purchase 80 1,260 100,800 June 5 Sale 40 2,250 90,000 16 Sale 25 2,250 56,250 21 Purchase 1,264 44,240 28 Sale 44 2,250 99,000 50

Could you please answer questions in the order and style displayed on paper. The answers displayed in the prior paper were incorrect. Thanks.

Answer 1

Answer with working given below

FIFO method Inventory, June 30 Cost of Goods Sold $32,864 $310,776 LIFO method Inventory, June 30 Cost of Goods Sold $31,240 $310,776 3. Weighted Average cost Inventory, June 30 Cost of Goods Sold $32,490 $311,150 FIFO LIFO Sales Cost of Goods Sold Gross Profit Inventory, June 30th | Weighted Average 525,250 525,250 310,776 311,150 214,474 214,100 31,240 32,490 525,250 310,776 214,474 32,864 FIFO method and Periodic Inventory System Issue Rate Closing balance Units Rate Balance Units Units Total 3-Apr Opening balance 8-Apr Purchases 8-May Purchase 28-May Purchase 21-Jun Purchase Sales Purchase Rate 1,200 1,240 1,260 1,260 1,264 Total 30,000 93,000 75,600 100,800 44,240 1,200 1,240 1,260 1,260 ,264 30,000 93,000 75,600 100,800 11,376 9 1 1,264 26 26 32,864 32,864 Total issue 310,776 Opening stock Add: Purchase 30,000 313,640 343,640 32,864 310,776 Less: Closing stock Cost of Goods sold LIFO method and Periodic Inventory System Issue Rate Closing balance Units Rate Balance Units Units Total 3-Apr Opening balance 8-Apr Purchases 8-May Purchase 28-May Purchase 21-Jun Purchase Sales Purchase Rate 1,200 1,240 1,260 1,260 1,264 Total 30,000 93,000 75,600 100,800 44,240 1,264 1,260 44,240 100,800 75,600 91,760 1,260 74 1,240 i 25 26 1,240 1,200 1,240 30,000 31,240 Total issue 312,400 Opening stock Add: Purchase 30,000 313,640 343,640 31,240 312,400 Less: Closing stock Cost of Goods sold Average Cost method and Periodic Inventory system Issue Rate Closing balance Units Rate Balance Units Units Total 3-Apr Opening balance 8-Apr Purchases 8-May Purchase 28-May Purchase 21-Jun Purchase Sales Purchase Rate 1,200 1,240 1,260 1,260 1,264 Total 30,000 93,000 75,600 100,800 44,240 275 '1,249.60 343,640 249 1,249.60 311,150 '1,249.60 26 26 32,490 32,490 Total issue 311,150 Opening stock Add: Purchase 30,000 313,640 343,640 32,490 311,150 Less: Closing stock Cost of Goods sold