Question

eBook Show Me How Calculator 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 Number of Units Transaction Inventory Purchase Sale Apr. 3 8 11 Per Unit $375 450 Total $29,250 1,250 30 Sale 1,250 500 May 8 10 19 Purchase Sale Sale 1,250 70,200 130,000 81,250 65,000 97,500 48,750 71,500 102,570 136,760 1,250 550 28 Purchase 130 June 5 Sale 1,315 16 Sale 234 21 28 Required: 140,400 1,315 600 1,315 Purchase Sale 117 153,855 1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrat in inventory at two different costs, enter the units with the LOWER unit cost first in the cost of Goods Sold Unit Cost column and Dunne Co

Answer 1

Date	Purchases			Cost of Goods Sold			Inventory
	Units	Unit cost	Total cost	Units	Unit cost	Total cost	Units	Unit cost	Total cost
Apr 3							78	$375	$29250
Apr 8	156	$450	$70200				78	$375	$29250
							156	$450	70200
									$99450
Apr 11				78	$375	$29250	130	$450	$58500
				26	$450	11700
						$40950
Apr 30				65	$450	$29250	65	$450	$29250
May 8	130	$500	$65000				65	$450	$29250
							130	$500	65000
									$94250
May 10				65	$450	$29250	117	$500	$58500
				13	$500	6500
						$35750
May 19				39	$500	$19500	78	$500	$39000
May 28	130	$550	$71500				78	$500	$39000
							130	$550	71500
									$110500
Jun 5				78	$500	$39000	26	$550	$14300
Jun 16				104	$550	$57200
Jun 21	234	$600	$140400				26	$550	$14300
							234	$600	140400
									$154700
Jun 28				26	$550	$14300	143	$600	$85800
				91	$600	54600
						$68900
Total						$290550			$85800