?Print item LIFO Perpetual Inventory The beginning inventory of merchandise at D

Question

?Print item LIFO Perpetual Inventory The beginning inventory of merchandise at Dunne Co. and data on purchases and sales for a three- period en Number of Units 90 180 121 76 150 90 45 150 90 120 Date Transaction Per Unit Total $150 $13,500 32,400 60,500 38,000 30,000 45,000 22,500 33,000 47,250 63,000 64,800 525 70,875 Apr. 3 Inventory 180 500 500 200 500 500 220 S25 525 240 8 Purchase 11 Sale 30 Sale May 8 Purchase 10 Sale 19 Sale 28 Purchase June 5 Sale 16 Sale 21 Purchase 28 Sale 270 135 Required: 1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one

Explanation / Answer

LIFO                   purchases                 cost of merchandise sold                 inventory Date Qty unit cost total Qty unit cost total Qty unit cost Qty cost cost 3-Apr 90 150 13500 8-Apr 180 180 32,400 90 150 13500 180 180 32,400 11-Apr 121 180 21,780 90 150 13500 59 180 10620 30-Apr 59 180 10620 73 150 10,950 17 150 2550 8-May 150 200 30,000 73 150 10,950 150 200 30,000 10-May 90 200 18,000 73 150 10,950 60 200 120000 19-May 45 200 9000 73 150 10,950 15 200 3000 28-May 150 220 33,000 73 150 10,950 15 200 3000 150 220 33,000 5-Jun 90 220 19,800 73 150 10,950 15 200 3000 60 220 13,200 16-Jun 60 220 13,200 28 150 4200 15 200 3000 45 150 6750 21-Jun 270 240 64800 28 150 4200 270 240 64800 28-Jun 135 240 32400 28 150 4200 135 240 32400 30-Jun Balances 137100 36,600 net sales 276,250 total cost of merchandise sold 137100 gross profit from sales 139,150 ending inventory 36,600 working notes total units per unit amount 11-Apr 121 500 60500 30-Apr 76 500 38000 10-May 90 500 45,000 19-May 45 500 22500 5-Jun 90 525 47,250 16-Jun 120 525 63000 276250

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