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

Transaction Units Per Unit Total

Apr 3- Inventory 25 $1200 $30000

Apr 8- Purchase 75 1240 93000

Apr 11- Sale 40 2000 80000

Apr 30- Sale 30 2000 60000

May 8- Purchase 60 1260 75600

May 10- Sale 50 2000 100000

May 19- Sale 20 2000 40000

May 28- Purchase 80 1260 100000

June 5- Sale 40 2250 90000

June 16- Sale 25 2250 56250

June 21- Purchase 35 1264 44240

June 28- Sale 44 2250 99000

Instructions:

The beginning inventory for Dunne Co. and data on purchases and sales for the three-month period are shown in Problem 7-1B.

1. Record the inventory, purchases, and cost of merchandice sold data in a perpetual inventory record similar to the oen illustratedin Exhibit 5, using the last-in, first-out method.

Date		Purchases			Cost of Merchandise Sold			Inventory
		Quantity	Unit Cost	Total Cost	Quantity	Unit Cost	Total Cost	Quantity	Unit Cost	Total Cost
											Apr.	3							25	$1,200	$30,000
	8
	11
	30
May	8
	10
	19
	28
June	5
	16
	21
	28
	30	Balances

2. Determine the total sales, the total cost of the merchandice sold, and the gross profit from sales for the period.

3. Determine the ending inventory cost on June 30, 2016.

7-1B

Date		Purchases			Cost of Merchandise Sold			Inventory
		Quantity	Unit Cost	Total Cost	Quantity	Unit Cost	Total Cost	Quantity	Unit Cost	Total Cost
											April	3							25	$1,200	$30,000
	8	75	$1,240	$93,000				25	$1,200	$30,000
								75	$1,240	$93,000
	11				25	$1,200	$30,000
					15	$1,240	$18,600	60	$1,240	$74,400
	30				30	$1,240	$37,200	30	$1,240	$37,200
May	8	60	$1,260	$75,600				30	$1,240	$37,200
								60	$1,260	$75,600
	10				30	$1,240	$37,200
					20	$1,260	$25,200	40	$1,260	$50,400
	19				20	$1,260	$25,200	20	$1,260	$25,200
	28	80	$1,260	$100,800				20	$1,260	$25,200
								80	$1,260	$100,800
June	5				20	$1,260	$25,200
					20	$1,260	$25,200	60	$1,260	$75,600
	16				25	$1,260	$31,500	35	$1,260	$44,100
	21	35	$1,264	$44,240				35	$1,260	$44,100
								35	$1,264	$44,240
	28				35	$1,260	$44,100
					9	$1,264	$11,376	26	$1,264	$32,884
	30	Balances					$310,776			$32,864