10 B TL or 3 Arial I USA FO&LIFO Perpetual Inventory B D E F G H J FO & UFO Perpetual Inventory me beginning inventory at Dunne Co. and data on purchases and sales for a three-month period ate Transact Number Per Unit Total of Units 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 8-May 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 5-Jun Sale 40 2,250 90,000 16 Sale 25 2,250 56,250 21 Purchase 35 1,264 44,240 28 Sale 44 2.250 99,000 equired: - Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record - Determine the total sales and the total cost of goods sold for the period. Journalize the - Determine the gross profit from sales for the period. . Determine the ending inventory cost on June 30. 3. Based upon the preceding data, would you expect the ending inventory using the last-i 5. Repeat the requirments from 1-5 using LIFO inventory system. Record the inventory, purcha Instructions Answers are entered in the cells with gray backgrounds Cells with non-gray backgrounds are protected and cannot be edited. An asterisk () will appear to the right of an incorrect entry. In part 1 only final ventory cost. Column K will be grade 1 Purchases Unit Quantity Cost Total Cost Cost of Goods Sold Unit Total Quantity Cost Cost Date Apr 3 8 Inventory Unit Total Quantity Cost Cost 25 $1,200 $30,000 11 30 May 8 10 19 28 June 5 16 21 28 30 6-189 FIFO LIFO 28 30 2 JOURNAL Description Debit Credit Accounts Receivable Sales Cost of Goods Sold Inventory 2 Gross profit for the sales period Ending inventory cost 5 Invertory under LIFO would be URO Instructions Answers are entered in the cells with gray backgrounds Cells with non-gray backgrounds are protected and cannot be edited. REF Purchases Unit Total Date Quantity Cost Cost Apr 3 8 Quarties Cost of Goods Sold Unit Total Quantity Cost Cost Inventory Unit Quantity Cost 25 $1,200 Total Cost $30,000 #REFI HREFI 11 2 B 9 0 1 2 23 24 25 30 May 8 HREFI #RER SREF HREFI 10 27 19 28 REF: HREFI #REFI REF June 5 16 21 FREFI #REFI HREFI REF: 35 23 BRABRERRRRSS3 30 Balance HRER BRER JOURNAL Description Debit Credit BRER REF MRER REF FO JOURNAL Description Debit Credit #REFL HREFI BREFI #REFI HREFI HREF HREFI #REF! #REFI Gross profit for the sales period #REFI HREFI Ending inventory cost FREE! #REF! Inventory under LIFO would be PREF! 180 FIFO LIFO