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
Required:
1. Determine the inventory on June 30, 2014, and the cost of goods sold for the three-month period, using the first-in, first-out method and the periodic inventory system.
Merchandise inventory, June 30, 2014 $
Cost of merchandise sold $
2. Determine the inventory on June 30, 2014, and the cost of goods sold for the three-month period, using the last-in, first-out method and the periodic inventory system.
Merchandise inventory, June 30, 2014 $
Cost of merchandise sold $
3. Determine the inventory on June 30, 2014, 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 nearest cent and final answers to the nearest dollar
Merchandise inventory, June 30, 2014 $
Cost of merchandise sold $
4. Compare the gross profit and June 30, 2014, inventories using the following column headings. Enter all amounts as positive numbers.
Weighted Average Cost
FIFO Sales $ $ $ Cost of merchandise sold Gross profit $ $ $ Inventory, June 30, 2014 $