The beginning inventory of merchandise at Dunne Co. and data on purchases and sales for a three-month period ending June 30, 2016, 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

FIFO Instructions

Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record using the first-in, first-out method.

Determine the total sales and the total cost of merchandise sold for the period. Journalize the entries in the sales and cost of merchandise sold accounts. Assume that all sales were on account.

Determine the gross profit from sales for the period.

Determine the ending inventory cost on June 30, 2016.

Based upon the preceding data, would you expect the inventory using the last-in, first-out method to be higher or lower?

Use the FIFO Excel File

LIFO Instructions

Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory using the last-in, first-out method.

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

Determine the ending inventory cost on June 30, 2016.

Use the LIFO Excel file

Weighted Average Instructions

Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record using the weighted average cost method.

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

Determine the ending inventory cost on June 30, 2016.

Use the WEIGHTED AVERAGE Excel file