FIFO Perpetual Inventory The beginning inventory at Dunne Co

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 follows Number Date Transaction of Units Per Unit Total Apr. 3 Inventory 84 $600 $50,400 8 Purchase 168 720 120,960 112 2,000 224,000 70 2,000 140,000 May 8 Purchase 140 800 112,000 84 2,000 168,000 42 2,000 84,000 28 Purchase 140 880 123,200 84 2,100 176,400 112 2,100 235,200 21 Purchase 252 960 241,920 126 2,100 264,600 11 Sale 30 Sale 10 Sale 19 Sale June 5 Sale 16 Sale 28 Sale Required: the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated 1. Record Goods Sold Unit Cost column and in the Inventory Unit Cost column. Dunne Co. Schedule of Cost of Goods Sold FIFO Method For the Three Months Ended June 30 Purchases Cost of Goods Sold Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Apr. 8 Apr. 11 Apr. 30 Check My Work Assignment Score: 64.65% 21

Solution

Journal:

Gross profit= 1292200-500640= 791560

ending inventory at cost= 147840

	Purchases	Cost of goods sold	Inventory
Date	Quantity	Unit cost	Total cost	Quantity	Unit cost	Total cost	Quantity	Unit cost	Total cost
Apr. 3							84	600	50,400
Apr. 8	168	720	1,20,960				84	600	50,400
							168	720	1,20,960
Apr. 11				84	600	50,400	140	720	1,00,800
				28	720	20,160
Apr. 30				70	720	50,400	70	720	50,400
May. 8	140	800	1,12,000				70	720	50,400
							140	800	1,12,000
May. 10				70	720	50,400
				14	800	11,200	126	800	1,00,800
May.19				42	800	33,600	84	800	67,200
May. 28	140	880	1,23,200				84	800	67,200
							140	880	1,23,200
Jun. 5				84	800	67,200	140	880	1,23,200
Jun. 16				112	880	98,560	28	880	24,640
Jun. 21	252	960	2,41,920				28	880	24,640
							252	960	2,41,920
Jun. 28				28	880	24,640
				98	960	94,080	154	960	1,47,840
Jun.30	Balances					5,00,640			1,47,840