Question
LIFO perpetual inventory The beginning inventory at Dunne Co. and data on purchases and sales for a three-month period are as follows: Number Date
LIFO perpetual inventory The beginning inventory at Dunne Co. and data on purchases and sales for a three-month period are as follows: Number Date Transaction Apr. 3 Inventory 8 Purchase 11 Sale of Units Per Unit Total 54 $600 $32,400 108 720 77,760 30 Sale May 8 Purchase ON 72 2,000 144,000 45 2,000 90,000 90 800 72,000 10 Sale 54 2,000 108,000 19 Sale 27 2,000 54,000 28 Purchase June 5 Sale 16 Sale 22 90 880 79,200 54 2,100 113,400 72 2,100 151,200 21 Purchase 162 960 28 Sale 81 2,100 155,520 170,100 Required: 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. Under LIFO, if units are in inventory at two different costs, enter the units with the HIGHER unit cost first in the Cost of Goods Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column. Required: 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. Under LIFO, if units are in inventory at two different costs, enter the units with the HIGHER unit cost first in the Cost of Goods Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column. Dunne Co. Schedule of Cost of Goods Sold LIFO Method Date Purchases Quantity Purchases Purchases Unit Cost Total Cost Cost of Goods Sold Quantity For the Three Months Ended June 30 Cost of Goods Sold Unit Cost Cost of Goods Sold Total Cost Inventory Quantity Inventory Inventory Unit Cost Total Cost Apr. 3 54 600 32,400 Apr. 8 108 720 77,760 54 600 32,400 108 720 77,760 Apr. 11 72 720 51,840 54 600 32,400 36 720 25,920 Apr. 30 36 720 25,920 45 600 27,000 9 600 5,400 May 8 90 800 72,000 45 600 27,000 90 800 72,000 May 10 54 800 43,200 45 600 27,000 May 10 May 19 May 28 June 5 90 880 79,200 54 800 43,200 45 600 27,000 36 800 28,800 27 800 21,600 81 54 880 47,520 June 16 36 880 31,680 9 800 7,200 27 600 16,200 June 21 162 960 155,520 June 28 June 30 Balances 81 960 77,760 $ 328,320 11111111 June 30 Balances 2. Determine the total sales, the total cost of goods sold, and the gross profit from sales for the period. Total sales Total cost of goods sold Gross profit $ $ 328,320 $ 328,320 3. Determine the ending inventory cost on June 30.
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