Answered step by step
Verified Expert Solution
Question
1 Approved Answer
need full table cost of merchadise sold column and inventory column FIFO Perpetual Inventory The beginning inventory of merchandise at Dunne Co and data on
need full table cost of merchadise sold column and inventory column
FIFO Perpetual Inventory The beginning inventory of merchandise at Dunne Co and data on purchases and sales for a three-month period ending June 30 are as follows: Number Date of Units Total Per Unit Transaction Inventory AC 90 $300 $27,000 Purchase 180 360 64,800 1 Sale 120 1.000 120,000 30 Sale 75 1.000 75,000 My Purcha 150 400 60,000 10 SH 90 1.000 90,000 10 Sale 45 1.000 45,000 Purchase 150 40 66,000 June Sale 1.050 94.500 S 120 1.050 126,000 21 Purchase 270 450 129,000 2S 138 1050 141.750 hapter 7 HW ebook * Show Me How 2. Record the inventory, purchases, and cost of merchandise sold data in perpetual inventory record similar to the one illustrated in Exhibit using the first-In, first-out method. Under FIED, units are in inventory at two different costs, enter the units with the LOWER unit cost first in the cost of Merchandise Sold Unit Cost column and in the Inventory Unit Cost column Dunne Co Schedule of Cost of Merchandise Sold FIFO Method For the three months ended June 30 Cost of Merchandise Sold Purchases Inventory Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Yotal cost Unit cout 90 300 27,000 90 300 27.000 TALE 100 160 64.000 100 360 64,000 90 300 10 360 75 160 150 100 60,000 25 300 10 15 400 Next > Chey Hay OA 45 400 May 20 150 440 66,000 une 06 400 120 440 270 430 129,000 30 100 105 100 OE Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started