The beginning inventory for Dunne Co. and data on purchases and sales for a three-month period are

Question:

The beginning inventory for Dunne Co. and data on purchases and sales for a three-month period are shown in Problem 6-1B.
In Problem 6-1B
The beginning inventory of merchandise at Dunne Co. and data on purchases and sales for a three-month period ending June 30, 2016, are as follows:
The beginning inventory for Dunne Co. and data on purchases

Instructions
1. Determine the inventory on June 30, 2016, and the cost of goods sold for the three-month period, using the first-in, first-out method and the periodic inventory system.
2. Determine the inventory on June 30, 2016, and the cost of goods sold for the three-month period, using the last-in, first-out method and the periodic inventory system.
3. Determine the inventory on June 30, 2016, and the cost of goods sold for the three-month period, using the weighted average cost method and the periodic inventory system. Round the weighted average unit cost to the dollar.
4. Compare the gross profit and June 30, 2016, inventories using the following column headings:

The beginning inventory for Dunne Co. and data on purchases
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Related Book For  book-img-for-question

Financial And Managerial Accounting

ISBN: 9781337119207

14th Edition

Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac

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