Hi, I need help with this please Thank you Ch 6 Homework Problems FIFO The begin

Question

Hi,
I need help with this please
Thank you

Ch 6 Homework Problems FIFO The beginning inventory at Dunne Co. and data on purchases and sales for a three-month period ending June 30 are as fo Number Apr. 3 Inventory 42 $12,600 30,240 $300 8 Purchase 11 Sale 30 Sale May 8 Purchase 10 Sale 1,000 1,000 400 56 35 28,000 42 1,000 42,000 21 1,000 70 440 28 Purchase une 5 Sale 44,100 16 Sale 21 Purchase 28 Sale e soid data in a perpetual inventory record similar to the one illustrated in Exhibit 3, using the first-in, first-out method. Under FIFO, if units are ^ 4/4/2013

Explanation / Answer

STATEMENT SHOWING INVENTORY RECORD UNDER PERPETUAL FIFO METHOD RECIEPTS COST OF GOODS SOLD BALANCE DATE UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ 3-Apr 42 300 12600 8-Apr 84 360 30240 42 300 12600 84 360 30240 11-Apr 42 300 12600 14 360 5040 70 360 25200 30-Apr 35 360 12600 35 360 12600 8-May 70 400 28000 35 360 12600 70 400 28000 10-May 35 360 12600 7 400 2800 63 400 25200 19-May 21 400 8400 42 400 16800 28-May 70 440 30800 42 400 16800 70 440 30800 5-Jun 42 400 16800 70 440 30800 16-Jun 56 440 24640 14 440 6160 21-Jun 126 480 60480 14 440 6160 126 480 60480 28-Jun 14 440 6160 49 480 23520 77 480 36960 TOTAL 350 149520 315 125160 77 36960 Req 2: Total sales (56000+35000+42000+21000+44100+58800+66150): 323050 Journal entry: Accounts receivable Dr. 323050       Sales revenue Account 323050 Cost of Goods sold Dr. 125160       Inventory Account 125160 Req 3: Gross profit: Sales revenue: 323050 Less: COGS 125160 Gross profit: 197890 Req 4: Ending Inventory :    $ 36960 Req 5: based on data, ENDING INVENTORY USING LIFO would be LOWER.

Related Questions

Navigate

• Browse (All)
• Browse H
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.