PLEASE use the FIFO METHOD TO SOLVE THIS problem
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 8-May 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 5-Jun 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. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in Exhibit 3, using the first-in, first-out method. Under FIFO, if units are in inventory at 2. Determine the total sales and the total cost of goods sold for the period. Journalize the entries in the sales and cost of goods sold accounts. Assume that all sales were on account. If an amount box does not 3. Determine the gross profit from sales for the period. 1. Determine ine ending inventory cost on June 30. . based upon the preceding data, would you expect the ending inventory using the last-in, first-out method to be higher or lower? 5. Repeat the requirments from 1-5 using LIFO inventory system. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in Exhibit 3, using the FIFO & LIFO Perpetual Inventory The beginning inventory at Dunne Co. and data on purchases and sales for a three-month period ending June 30 are as follows: Apr. 3 Date Transactio Number Per Unit Total of Units 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 8-May 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 5-Jun 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. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in Exhibit 3, using the first-in, first-out method. Under FIFO, if units are in inventory 2. Determine the total sales and the total cost of goods sold for the period. Journalize the entries in the sales and cost of goods sold accounts. Assume that all sales were on account. If an amount box does 3. Determine the gross profit from sales for the period. 4. Determine the ending inventory cost on June 30. Pr 6-18Q FIFO LIFO + 1. Purchases Unit Cost Total Cost Cost of Goods Sold Unit Total Quantity Cost Cost Date Quantity Inventory Unit Cost $1,200 $ Quantity 25 Apr. 3 Total Cost 30,000 #REF! #REF! 8 11 30 #REF! #REF! #REF! #REF! May 8 10 19 #REF! #REF! #REF! #REF! 28 June 5 16 #REF! #REF! #REF! #REF! 21 #REF! June 5 16 #REF! #REF! #REF! #REF! 21 28 #REF! #REF! 30 Balances 2. JOURNAL Description Debit Credit #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! 2. JOURNAL Description Debit Credit #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! 3. #REF! Gross profit for the sales period #REF! 4. #REF! Ending inventory cost #REF! 5. #REF! Inventory under LIFO would be #REF
