Fifo Perpetual Inventory Show Me How Print ltem FIFO Perpetual Inventory Thhe be

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Fifo Perpetual Inventory

Show Me How Print ltem FIFO Perpetual Inventory Thhe beginning inventory of merchandise 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 375 450 1,250 1,250 500 Total Apr. 3 Inventory $13,500 s Purchase 11 Sale 30 Sale 72 48 30 32,400 60,000 37,500 30,000 45,000 22,500 33,000 47,340 63,120 64,800 71,010 May 8 Purchase 10 Sale 19 Sale 28 Purchase 36 18 1,250 une 5 Sale 36 16 Sale 21 Purchase 28 Sale 1,315 1,315 600 1,315 108 Required: 1. Record the inventory, purchases, and cost of merchandise sold 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 in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Merchandise Sold Unit Cost column and in the Inventory Unit Cost Previcus Check My Wark 3 more Check My Work uses remaning Save and Exit Submit for Grading All work saved.

Explanation / Answer

Dunner & Co. Statement showing Purchase, Cost of Merchandise Sold and Inventory ( as per FIFO) Purchase Cost of Merchandise Sold Inventory Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost 01-Apr                36 $375 $13,500 08-Apr               72 $450 $32,400                36 $375 $13,500                72 $450 $32,400 11-Apr               36 $375 $13,500               12 $450 $5,400                60 $450 $27,000 30-Apr 30 $450 $13,500                30 $450 $13,500 08-May 60 $500 $30,000 30 $450 $13,500                60 $500 $30,000 10-May               30 $450 $13,500                 6 $500 $3,000 54 $500 $27,000 19-May               18 $500 $9,000                36 $500 $18,000 28-May 60 $550 $33,000 36 $500 $18,000 60 $550 $33,000 05-Jun               36 $500 $18,000 60 $550 $33,000 16-Jun               48 $550 $26,400                12 $550 $6,600 21-Jun 108 $600 $64,800 12 $550 $6,600 108 $600 $64,800 28-Jun 12 $550 $6,600 42 $600 $25,200 66 $600 $39,600 Total         300 $160,200        270 $134,100 66 $39,600

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