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The beginning inventory of merchandise at Dunne Co. and data on purchases and sales for a three-month period ending June 30 are as follows: Date
The beginning inventory of merchandise at Dunne Co. and data on purchases and sales for a three-month period ending June 30 are as follows: Date Transaction Number of Units Per Unit Total Apr. 3 Inventory 54 $225 $12,150 8 Purchase 108 270 29,160 11 Sale 72 750 54,000 30 Sale May 8 Purchase 599 45 750 33,750 90 300 27,000 10 Sale 54 750 40,500 19 Sale 27 750 20,250 28 Purchase 90 330 29,700 June 5 Sale 54 790 42,660 16 Sale 72 790 56,880 21 Purchase 162 360 58,320 28 Sale 81 790 63,990 1. Record the inventary, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibt, using the last in, first-out meed Under LIFO, if units are in inventory at two different costs, enter the units with the HOHER unt cost first in the Cost of Merchandise Sold Unit Cost column and LOWER unt cast fini the Inventory Unit Cost column. Dunne Co. Schedule of Cost of Merchandise Sold LIFO Method For the three-months ended June 30 Cost of Merchandise Sold Data Quantity Purchases Unit Cost Total Cost Quantity Apr 3 Apra ADC 11 Apr 30 Unit Cast Total Cost Quantity Inventory Unit Cost Total S May 10 May 19 May 28 June 5 June 16 June 21 I June 21 June 20 Balances 2. Determine the total salas, the total cost of merchandise sold, and the gross profit from sales for the period. Total sales Total cost of marchandise sold Gross profit 3. Determine the ending inventory cost on June 30
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