The beginning inventory for Dunne Co. and data on purchases and sales for a three-month period are shown in Problem 6-1B.
In Problem 6-1B
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:

Instructions
1. Determine the inventory on June 30, 2016, and the cost of goods sold for the three-month period, using the first-in, first-out method and the periodic inventory system.
2. Determine the inventory on June 30, 2016, and the cost of goods sold for the three-month period, using the last-in, first-out method and the periodic inventory system.
3. Determine the inventory on June 30, 2016, and the cost of goods sold for the three-month period, using the weighted average cost method and the periodic inventory system. Round the weighted average unit cost to the dollar.
4. Compare the gross profit and June 30, 2016, inventories using the following column headings:

Transcribed Image Text:

Number of Units Per Date ransaction Apr. 3 Inventory Total $1,200 30,000 93,000 80,000 60,000 75,600 100,000 40,000 260 100,800 90,000 56,250 44,240 99,000 8 Purchase 11 Sale 30 Sale 75 1,240 May 8 Purchase 10 Sale 19 Sale 28 Purchase 60 50 20 80 2,000 June 5 Sale 16 Sale 21 Purchase 28 Sale 2,250 2,250 1,264 2,250 FIFO LIFO Weighted Average Sales Cost of merchandise sold Gross profit Inventory, June 30, 2016