214,474 EXCEL TEMPLATE PR 6-1B FIFO perpetual inventory Obj. 2, 3 The beginning inventory at Dunne Co. and data on purchases and sales for a three-month period ending June 30 are as follows: Number Per Date Transaction of Units Unit Total Apr. 3 Inventory 8 Purchase 75 11 Sale 30 Sale May 8 Purchase 10 Sale 19 Sale 28 Purchase 2222 25 $1,200 $ 30,000 1,240 93,000 40 2,000 80,000 30 2,000 60,000 60 1,260 75,600 50 2,000 100,000 20 2,000 40,000 80 1,260 100,800 (Continued) Number Per Date Transaction of Units Unit Total June 5 Sale 40 2,250 $90.000 16 Sale 25 2250 56.250 21 Purchase 35 1.264 44.240 28 Sale 44 2,250 99,000 Instructions 1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in Exhibit 3, using the first-in, first-out method 2. Determine the total sales and the total cost of goods sold for the period. Journalize the entries in the sales and cost of goods sold accounts. Assume that all sales were on account. 3. Determine the gross profit from sales for the period. 4. Determine the ending inventory cost on June 30. 5. Based upon the preceding data, would you expect the ending inventory using the last-in, first- out method to be higher or lower? PR 6-2B LIFO perpetual inventory Obj.2.3 The beginning inventory for Dunne Co. and data on purchases and sales for a three-month period are shown in Problem 6-18. 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 PR 6-3B Weighted average cost method with perpetual inventory Obj. 2,3 The beginning inventory for Dunne Co. and data on purchases and sales for a three-month period are shown in Problem 6-18 Instructions 1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in Exhibit 5, using the weighted average cost 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. Obj. 2.3 PR 6-48 Periodic inventory by three methods The beginning inventory for Dunne Co. and data on purchases and sales for a three-month period are shown in Problem 6-18 Instructions 1. Determine the inventory on June 30 and the cost of goods sold for the three-month period, using the first-in, first-out method and the periodic inventory systems 2. Determine the inventory on June 30 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 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 inventories using the following column headings FIFO LIFO Sales Cost of goods sold Gross profit Inventory, June 30 Weighted Average