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!Online c v2.cengagenow com 1m take ssignment takeAssignment Mando? nvoker &takeAssignmentSession; Chapter 7 HWK eBook Show Me How Calculator FIFO Perpetual Inventory The beg nning inventory of merchandise at Dunne Co. and data on purchases and sales for a three month period ending June 30 Number Date Transaction of Units Per Unit $1,200 1,240 2,000 2,000 1,260 2,000 2,000 1,260 2,250 2,250 1,264 2,250 Total Apr. 3 Inventory 25 75 40 30 60 S0 20 80 40 25 35 $30,000 93,000 80,000 60,000 75,600 100,000 40,000 100,800 0,000 56,250 44,240 99,000 8 Purchase 11 Sale 30 Sale May 8 Purchase 10 Sale 19 Sale 28 Purchase June 5 Sale 16 Sale 21 Purchase 28 Sale Check My WorkExplanation / Answer
FIFO DATE Cost of goods available for sale Cost of Goods sold Closing inventory Units Rate Amount Units Rate Amount Units Rate Amount Beginning Inventory 25 1200 30000 8-Apr 75 1240 93000 25 1200 30000 75 1240 93000 11-Apr 25 1200 30000 15 1240 18600 60 1240 74400 30-Apr 30 1240 37200 30 1240 37200 8-May 60 1260 75600 30 1240 37200 60 1260 75600 10-May 30 1240 37200 20 1260 25200 40 1260 50400 19-May 20 1260 25200 20 1260 25200 28-May 80 1260 100800 100 1260 126000 5-Jun 40 1260 50400 60 1260 75600 16-Jun 25 1260 31500 35 1260 44100 21-Jun 35 1264 44240 35 1260 44100 35 1264 44240 28-Jun 35 1260 44100 9 1264 11376 26 1264 32864 249 310,776 26 1264 32,864 Total Sales: (140 units@2000 and 109 units@2250) = $ 525,250 Accounts receivable Dr. 525,250 Sales Cr. 525,250 Cost of Merchandise sold Dr. 310,776 Merchandise Inventory Cr. 310,776 Gross profit for the year: Sales 525250 Less: COGS 310776 Gross profit for the year: 214474 Ending inventory for June ( 26 units @1264) $ 32,864 In case of rising prices as in above data, Inventory using FIFO is higher.
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