FIFO & LIFO 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: Date Transaction Number Per Unit Total of Units Apr. 3 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 1.250 75.600 10 Sale 50 2.000 100,000 19 Sale 20 2.000 40,000 28 Purchase 80 1.250 100.800 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 Required: 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. Under FIFO, if 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 or 3. Determine the gross profit from sales for the period. &$8%88%EUR 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? 6. Repeat the requirments from 1-5 using LIFO inventory system. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one ilustrato a FIFO LIFO Pr 6-180 Problem 6-7B Name Section: Instruction Answers are entered in the cels with gray background Cells with non-gray backgrounds are protected and cannot be edited. 1. Date Purchases Unit Cost Cost of Goods Sold Unit Total Quantity Cost Cost Total Cost Quantity Quantity 25 Inventory Unit Cost $1.200 Total Cost 30,000 Apr 3 8 11 30 May 8 10 19 28 June 5 16 21 28 30 Balances JOURNAL Description Debit Credit Gross profit for the sales penod Ending inventory cost 5 Inventory under LIFO would be Pr 6-18Q FIFO LIFO Prable 6-18 Name: Solution Section: Scoring ON Ass Answers are entered in the cells with gray backgrounds Cells with non-gray backgrounds are protected and cannot be edited. And I will parto the right of incomes entry that I cry fra ventory cost-Cou wie de 1 Date Purchases Unit Cost Cost of Goods Sold Unit Total Quantity Cost Cost Total Cost Quantity Inventory Unit Quantity Cost 25 $1.200 Total Cost 30.000 A3 8 11 30 Marya 10 19 28 June 5 16 21 28 30 2. JOURNAL Description Debit Credit Accounts Receivable Sales Cost of Goods Sold Inventory 2 Gross profit for the sales period 4 Ending inventory cost Inventory under UFO would be