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All my numbers are wrong so disregard those :) FIFO Perpetual Inventory The beginning inventory at Dunne Co. and data on purchases and sales for
All my numbers are wrong so disregard those :)
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 Number of Units 54 108 72 45 90 54 27 90 54 72 162 81 Date Transaction Per Unit Total $450 540 1,500 1,500 600 1,500 1,500 660 1,575 1,575 720 1,575 $24,300 58,320 108,000 67,500 54,000 81,000 40,500 59,400 85,050 113,400 116,640 127,575 Apr. 3 Inventory 8 Purchase 11 Sale 30 Sale May 8 Purchase 10 Sale 19 Sale 28 Purchase June 5 Sale 16 Sale 21 Purchase 28 Sale Required: 1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 3, using the first-in, first-out method. Under FIFO, if unit are 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 in the Inventory Unit Cost column. Dunne CoStep by Step Solution
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