The beginning inventory for Dunne Co. and data on purchases and sales for a three-month period are shown in Problem 6-1B.

Instructions

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.

2. Determine the total sales, the total cost of goods sold, and the gross profit from sales for the period.

3. Determine the ending inventory cost on June 30.

Problem 6-1B.

The beginning inventory at Dunne Co. and data on purchases and sales for a three-month period ending June 30 are as follows:

Transcribed Image Text:

Number of Units Per Unit Date Transaction Total 25 3 Inventory 8 Purchase Apr. 3 $1,200 $ 30,000 75 1,240 93,000 11 Sale 40 2,000 80,000 30 Sale 30 2,000 60,000 May 8 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