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:

Date Transaction Number

of Units Per Unit Total

Apr. $3$ Inventory $48$ $$225$ $$10,800$

$8$ Purchase $9627025,920$

$11$ Sale $6475048,000$

$30$ Sale $4075030,000$

May $8$ Purchase $8030024,000$

$10$ Sale $4875036,000$

$19$ Sale $2475018,000$

$28$ Purchase $8033026,400$

June $5$ Sale $4879037,920$

$16$ Sale $6479050,560$

$21$ Purchase $14436051,840$

$28$ Sale $7279056,880$

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 units 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 Co$.$

Schedule of Cost of Goods Sold

FIFO Method

For the Three Months Ended June $30$

Date Purchases

Quantity Purchases

Unit Cost Purchases

Total Cost Cost of Goods Sold

Quantity Cost of Goods Sold

Unit Cost Cost of Goods Sold

Total Cost Inventory

Quantity Inventory

Unit Cost Inventory

Total Cost

Apr. $3$ fill in the blank $1$ fill in the blank $2$ fill in the blank $3$

Apr. $8$ fill in the blank $4$ $fill in the blank $5$ $fill in the blank $6$ fill in the blank $7$ fill in the blank $8$ fill in the blank $9$

Apr. $8$ fill in the blank $10$ fill in the blank $11$ fill in the blank $12$

Apr. $11$ fill in the blank $13$ $fill in the blank $14$ $fill in the blank $15$

Apr. $11$ fill in the blank $16$ fill in the blank $17$ fill in the blank $18$ fill in the blank $19$ fill in the blank $20$ fill in the blank $21$

Apr. $30$ fill in the blank $22$ fill in the blank $23$ fill in the blank $24$ fill in the blank $25$ fill in the blank $26$ fill in the blank $27$

May $8$ fill in the blank $28$ fill in the blank $29$ fill in the blank $30$ fill in the blank $31$ fill in the blank $32$ fill in the blank $33$

May $8$ fill in the blank $34$ fill in the blank $35$ fill in the blank $36$

May $10$ fill in the blank $37$ fill in the blank $38$ fill in the blank $39$

May $10$ fill in the blank $40$ fill in the blank $41$ fill in the blank $42$ fill in the blank $43$ fill in the blank $44$ fill in the blank $45$

May $19$ fill in the blank $46$ fill in the blank $47$ fill in the blank $48$ fill in the blank $49$ fill in the blank $50$ fill in the blank $51$

May $28$ fill in the blank $52$ fill in the blank $53$ fill in the blank $54$ fill in the blank $55$ fill in the blank $56$ fill in the blank $57$

May $28$ fill in the blank $58$ fill in the blank $59$ fill in the blank $60$

June $5$ fill in the blank $61$ fill in the blank $62$ fill in the blank $63$ fill in the blank $64$ fill in the blank $65$ fill in the blank $66$

June $16$ fill in the blank $67$ fill in the blank $68$ fill in the blank $69$ fill in the blank $70$ fill in the blank $71$ fill in the blank $72$

June $21$ fill in the blank $73$ fill in the blank $74$ fill in the blank $75$ fill in the blank $76$ fill in the blank $77$ fill in the blank $78$

June $21$ fill in the blank $79$ fill in the blank $80$ fill in the blank $81$

June $28$ fill in the blank $82$ fill in the blank $83$ fill in the blank $84$

June $28$ fill in the blank $85$ fill in the blank $86$ fill in the blank $87$ fill in the blank $88$ fill in the blank $89$ fill in the blank $90$

June $30$ Balances $fill in the blank $91$ $fill in the blank $92$

$2.$ Determine the total sales and the total cost of goods sold for the period. Journalize summary entries for the sales and corresponding cost of goods sold for the period. Assume that all sales were on account. If an amount box does not require an entry, leave it blank.

Entries Description Debit Credit

Record sale

fill in the blank $94$ fill in the blank $95$

fill in the blank $97$ fill in the blank $98$

Record cost

fill in the blank $100$ fill in the blank $101$

fill in the blank $103$ fill in the blank $104$

$3.$ Determine the gross profit from sales for the period.

fill in the blank $1$ of $1$$

$4.$ Determine the ending inventory cost on June $30.$

fill in the blank $1$ of $1$$

$5.$ Based upon the preceding data, would you expect the ending inventory using the last$-$in$,$ first$-$out method to be higher or lower?