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Please answer questions in the order that they appear. Thanks. Periodic Inventory by Three Methods The beginning inventory for Dunne Co. and data on purchases
Please answer questions in the order that they appear. Thanks.
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: Number Date Transaction of Units Per Unit Total Apr. 3 Inventory 25 $1,200 $30,000 8 Purchase 1,240 93,000 11 Sale 2,000 80,000 30 Sale 2,000 60,000 May 8 Purchase 1,260 75,600 10 Sale 2,000 100,000 19 Sale 2,000 40,000 28 Purchase 1,260 100,800 June 5 Sale 2,250 90,000 16 Sale 2,250 56,250 21 Purchase 1,264 44,240 28 Sale 2,250 99,000 Required: 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 $ Cost of goods sold $ 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 $ Cost of goods sold $ 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. IN Ventory 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. FIFO LIFO Weighted Average Sales $ $ $ Cost of goods sold Gross profit Inventory, June 30$ 6 more Check My Work uses remainingStep by Step Solution
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