eBook Show Me How Calculator Print Iter FIFO Perpetual Inventory The beginning i
ID: 2398192 • Letter: E
Question
eBook Show Me How Calculator Print Iter FIFO Perpetual Inventory The beginning inventory at Dunne Co. and data on purchases and sales for a th Number of UnitsPer Unit Date Transaction Total Apr. 3 Inventory 54 108 72 45 90 54 27 90 54 72 162 81 $375 450 1,250 1,250 500 1,250 1,250 550 1,315 1,315 600 1,315 $20,250 48,600 90,000 56,250 45,000 67,500 33,750 49,500 71,010 94,680 97,200 106,515 8 Purchase 11 Sale 30 Sale May 8 Purchase 10 Sale 19 Sale 28 Purchase June 5 Sale 16 Sale 21 Purchase 28 Sale Required: 1. Record the inventory, purchases, and cost of merchandise sold data in a pe method. Under FIFO, if units are in inventory at two different costs, enter the u Inventory Unit Cost column. ScheExplanation / Answer
2)Total sales = 90000+56250+67500+33750+71010+94680+106515=519705
cost of goods sold = 201150
3)Gross profit =sales -COGS
= 519705-201150
= 318555
4)Ending inventory = 59400
5)since the price is showing increasing trend ,ending inventory will be lower under LIFO as inventory purchased last are sold first so ending inventory are left from initial balance purchased at lower cost.
=
Purchase Sales Ending inventory Date unit unit cost Total Unit unit cost Total unit unit cost Total Apr 3 54 375 20250 Apr 8 108 450 48600 54 375 20250 108 450 48600 Apr 11 54 375 20250 108-18=90 450 40500 72-54=18 450 8100 Apr 30 45 450 20250 90-45=45 450 20250 may 8 90 500 45000 45 450 20250 90 500 45000 may 10 45 450 20250 90-9=81 500 40500 54-45=9 500 4500 may 19 27 500 13500 81-27=54 500 27000 may28 90 550 49500 54 500 27000 90 550 49500 june5 54 500 27000 90 550 49500 june16 72 550 39600 90-72=18 550 9900 june 21 162 600 97200 18 550 9900 162 600 97200 june28 18 550 9900 162-63=99 600 59400 81-18=63 600 37800 total 201150Related Questions
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