w.com/ilm/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSession Locator=&inprogress=false *; Sectio eBook Show Me How FIFO Perpetual Inventory The beginning inventory at Dunne Co. and data on purchases and sales for a three-month period ending June 30 are as Number of Units Date Transaction Per Unit Apr. 3 Inventory 25 $1,200 8 Purchase 75 1,240 11 Sale 40 30 Sale 30 2,000 2,000 1,260 May 8 Purchase 60 Total $30,000 93,000 80,000 60,000 75,600 100,000 40,000 100,800 90,000 56,250 44,240 10 Sale 50 2,000 20 > 20,000 30,000 Apr 25 1,200 >>> 75 A OV'T 93,000 75 1,240 93,000 25 Aor. 11 1,200 $30,000 1,240 13,500 x 30 60 1,240 Apr. 30 AOC . 1,240 V 30,000 X AOC 1.240 30,000 30 30,000 Mayo 09 1,260 75,600 1.240 1,260 A 09 75,600 AOC 1.2407 30,000 X May 10 X ST 1,260 May 19 AOC 1,200 40,000 A OZ 1,264 80 May 28 BO 1,260 100,000 June 5 June ook Sectio Book Show Me How May 10 30 1,240 30,000 15 x 1,260 May 19 20 1,260 40,000 20 1,264 May 20 80 1,260 80 100,000 Jones June 16 June 21 1,264 60 x 44,240 1,260 35 1,264 June 40 X 1,260 28 1,264 1,264 X 1,264 June 10 Balances 2. Determine the total sales and the total cost of goods sold for the period. Tomake the entries in the sales and cost of goods sold accounts. Assume that all sales were on account. Ir an amount box does not require an entry, leave it bank Record sale Accounts Receivable Sales Record cost Cost of Goods Sold Inventory 3. Determine the gross profit from sales for the period agenow.com/r/takeAssignment/take Assignment Main doinvokeretakeAssignmentSessionLocatorinprogress=false book: Sectio Show Me How 1,264 35 21 44,240 35 June 1,264 40 28 1,260 1,264 1,264 X 1,264 June 30 Balances 2. Determine the total sales and the total cost of goods sold for the period. Journal the entries in the sales and cost of goods sold accounts. Assume that all sales were on account. If an amount box does not require an entry. Beve it blank Record sale Accounts Receivable Sales Record cost Cost of Goods Sold Inventory 3. Determine the gross profit from sales for the period. 4. Determine the ending inventory cost on June 30 5. Based upon the preceding data, would you expect the ending inventory using the latin, stout method to be higher or lower? Lower Oh My Wor 1. FIFO means that the first units purchased are assumed to be the first to be sold. Therefore, ending inventory is made up of the most recent phases. Think of your inventory in terms of "layers. The first sale comes from the oldest layer, which is beginning inventory. When deciding which tayer to use for conting of the next sale ask yourself: "Is the remaining amount of the beginning inventory layer enough to satisfy the second sale? If not, the other units sold should be taken Check My Work All work saved Save and Submit Assignment for Grading LIFO Perpetual Inventory 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 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 Required: 1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illust method. Under LIFO, if units are in Inventory at two different costs, enter the units with the HIGHER unit cost first in th unit cost first in the Inventory Unit Cost column. Dunne Co. Schedule of Cost of Goods Sold LIFO Method For the Three Months Ended June 30 consiguiendommer Sessionale ook Sectio ace 1. Record the went of goods and in a record is the one in Nderrothy weer met with the HR cost in the Out of Good Son Custom LOWER fort in the near Cast De Co. Schef Cast of Good Bed LIFO Method For the Three Menthe ended une 30 herche Cost of Good Tiventary Date Quantity Unit Cout Total Coet Quantity Un Cost Total Cost Quantity Unit Cot Tuta 3 0 Ar. 11 Agr. 30 May - 10 Che My se 5 1 96 5 6 8 9 E R Y U 0 a D F G H J K L May 19 May 28 - - 10 June 5 June 16 Ene 21 - - June 28 Dane 30 Balances 2. Determine the total sale, the total cost of goods sold, and the gross profit from sales for the period Total sales Total cost of goods sold Gross pront 3. Determine the ending inventory cost on June 30, Check My Work Number of Units Date Transaction Per Unit Total Apr. 3 > 20,000 30,000 Apr 25 1,200 >>> 75 A OV'T 93,000 75 1,240 93,000 25 Aor. 11 1,200 $30,000 1,240 13,500 x 30 60 1,240 Apr. 30 AOC . 1,240 V 30,000 X AOC 1.240 30,000 30 30,000 Mayo 09 1,260 75,600 1.240 1,260 A 09 75,600 AOC 1.2407 30,000 X May 10 X ST 1,260 May 19 AOC 1,200 40,000 A OZ 1,264 80 May 28 BO 1,260 100,000 June 5 June ook Sectio Book Show Me How May 10 30 1,240 30,000 15 x 1,260 May 19 20 1,260 40,000 20 1,264 May 20 80 1,260 80 100,000 Jones June 16 June 21 1,264 60 x 44,240 1,260 35 1,264 June 40 X 1,260 28 1,264 1,264 X 1,264 June 10 Balances 2. Determine the total sales and the total cost of goods sold for the period. Tomake the entries in the sales and cost of goods sold accounts. Assume that all sales were on account. Ir an amount box does not require an entry, leave it bank Record sale Accounts Receivable Sales Record cost Cost of Goods Sold Inventory 3. Determine the gross profit from sales for the period agenow.com/r/takeAssignment/take Assignment Main doinvokeretakeAssignmentSessionLocatorinprogress=false book: Sectio Show Me How 1,264 35 21 44,240 35 June 1,264 40 28 1,260 1,264 1,264 X 1,264 June 30 Balances 2. Determine the total sales and the total cost of goods sold for the period. Journal the entries in the sales and cost of goods sold accounts. Assume that all sales were on account. If an amount box does not require an entry. Beve it blank Record sale Accounts Receivable Sales Record cost Cost of Goods Sold Inventory 3. Determine the gross profit from sales for the period. 4. Determine the ending inventory cost on June 30 5. Based upon the preceding data, would you expect the ending inventory using the latin, stout method to be higher or lower? Lower Oh My Wor 1. FIFO means that the first units purchased are assumed to be the first to be sold. Therefore, ending inventory is made up of the most recent phases. Think of your inventory in terms of "layers. The first sale comes from the oldest layer, which is beginning inventory. When deciding which tayer to use for conting of the next sale ask yourself: "Is the remaining amount of the beginning inventory layer enough to satisfy the second sale? If not, the other units sold should be taken Check My Work All work saved Save and Submit Assignment for Grading LIFO Perpetual Inventory 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 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 Required: 1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illust method. Under LIFO, if units are in Inventory at two different costs, enter the units with the HIGHER unit cost first in th unit cost first in the Inventory Unit Cost column. Dunne Co. Schedule of Cost of Goods Sold LIFO Method For the Three Months Ended June 30 consiguiendommer Sessionale ook Sectio ace 1. Record the went of goods and in a record is the one in Nderrothy weer met with the HR cost in the Out of Good Son Custom LOWER fort in the near Cast De Co. Schef Cast of Good Bed LIFO Method For the Three Menthe ended une 30 herche Cost of Good Tiventary Date Quantity Unit Cout Total Coet Quantity Un Cost Total Cost Quantity Unit Cot Tuta 3 0 Ar. 11 Agr. 30 May - 10 Che My se 5 1 96 5 6 8 9 E R Y U 0 a D F G H J K L May 19 May 28 - - 10 June 5 June 16 Ene 21 - - June 28 Dane 30 Balances 2. Determine the total sale, the total cost of goods sold, and the gross profit from sales for the period Total sales Total cost of goods sold Gross pront 3. Determine the ending inventory cost on June 30, Check My Work Number of Units Date Transaction Per Unit Total Apr. 3