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:

Date		Transaction	Number of Units		Per Unit		Total
Apr. 3		Inventory	25		$1,200		$30,000
8		Purchase	75		1,240		93,000
11		Sale	40		2,000		80,000
30		Sale	30		2,000		60,000
May 8		Purchase	60		1,260		75,600
10		Sale	50		2,000		100,000
19		Sale	20		2,000		40,000
28		Purchase	80		1,260		100,800
June 5		Sale	40		2,250		90,000
16		Sale	25		2,250		56,250
21		Purchase	35		1,264		44,240
28		Sale	44		2,250		99,000

Required:

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

Inventory, June 30	$fill in the blank 1
Cost of goods sold	$fill in the blank 2

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

Inventory, June 30	$fill in the blank 3
Cost of goods sold	$fill in the blank 4

3. Determine the inventory on June 30 and the cost of goods sold for the three-month period, using the weighted average cost method and 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	$fill in the blank 5
Cost of goods sold	$fill in the blank 6

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.

	FIFO	LIFO	Weighted Average
Sales	$fill in the blank 7	$fill in the blank 8	$fill in the blank 9
Cost of goods sold	fill in the blank 10	fill in the blank 11	fill in the blank 12
Gross profit	$fill in the blank 13	$fill in the blank 14	$fill in the blank 15
Inventory, June 30	$fill in the blank 16	$fill in the blank 17	$fill in the blank 18