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 $525 $25,200

8 Purchase 96 630 60,480

11 Sale 64 1,750 112,000

30 Sale 40 1,750 70,000

May 8 Purchase 80 700 56,000

10 Sale 48 1,750 84,000

19 Sale 24 1,750 42,000

28 Purchase 80 770 61,600

June 5 Sale 48 1,840 88,320

16 Sale 64 1,840 117,760

21 Purchase 144 840 120,960

28 Sale 72 1,840 132,480

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

Purchases Cost of Goods Sold Inventory

Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost 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

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 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

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 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

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

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 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 the entries in the sales and cost of goods sold accounts. Assume that all sales were on account. If an amount box does not require an entry, leave it blank.

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 105

4. Determine the ending inventory cost as of June 30.

$fill in the blank 106

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

I provided the whole assignment?

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 Date Transaction Per Unit Total 48 $525 $25,200 Apr. 3 Inventory 8 Purchase 96 630 60,480 64 Sale 112,000 1,750 1,750 30 Sale 40 80 700 May 8 Purchase 10 Sale 70,000 56,000 84,000 48 1,750 19 Sale 24 1,750 42,000 28 Purchase 80 770 61,600 88,320 June 5 Sale 48 1,840 16 Sale 64 1,840 117,760 144 72 21 Purchase 840 120,960 28 Sale 1,840 132,480 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