Periodic Inventory by Three Methods

The beginning inventory for Dunne Co. and data on purchases and sales for a three-month period are as follows:

DateTransactionNumber

of UnitsPer UnitTotalApr. 3Inventory25$1,200$30,0008Purchase751,24093,00011Sale402,00080,00030Sale302,00060,000May 8Purchase601,26075,60010Sale502,000100,00019Sale202,00040,00028Purchase801,260100,800June 5Sale402,25090,00016Sale252,25056,25021Purchase351,26444,24028Sale442,25099,000Required:

1.Determine the inventory on June 30 and the cost of goods sold for the three-month period, using thefirst-in, first-out methodand the periodic inventory system.

Inventory, June 30$Cost of goods sold$

2.Determine the inventory on June 30 and the cost of goods sold for the three-month period, using thelast-in, first-out methodand the periodic inventory system.

Inventory, June 30$Cost of goods sold$

3.Determine the inventory on June 30 and the cost of goods sold for the three-month period, using theweighted average cost methodand the periodic inventory system.

Note: Round the weighted average unit cost to the nearest dollar and final answers to the nearest dollar.

Inventory, June 30$Cost of goods sold$

4.Compare the gross profit and June 30 inventories using the following column headings. For those boxes in which you must enter subtracted or negative numbers use a minus sign.

FIFOLIFOWeighted AverageSales$$$Cost of goods soldGross profit$$$Inventory, June 30$$$