Accounting :The beginning inventory at Dunne Co. and data

Accounting :The beginning inventory at Dunne Co. and data

Subject: Business    / Accounting
Question

The beginning inventory at Dunne Co. and data on purchases and sales for a three-month period are as follows:
Apr. 3        Inventory    54        $375        $20,250
8        Purchase    108        450        48,600
11        Sale    72        1,250        90,000
30        Sale    45        1,250        56,250
May 8        Purchase    90        500        45,000
10        Sale    54        1,250        67,500
19        Sale    27        1,250        33,750
28        Purchase    90        550        49,500
June 5        Sale    54        1,315        71,010
16        Sale    72        1,315        94,680
21        Purchase    162        600        97,200
28        Sale    81        1,315        106,515

Required:

1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in Exhibit 3, using the last-in, first-out method. Under LIFO, if units are in inventory at two different costs, enter the units with the HIGHER unit cost first in the Cost of Goods Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column.
Apr. 3                            $    $
Apr. 8    $    $
Apr. 11                $    $
Apr. 30
May 8
May 10
May 19
May 28
June 5
June 16
June 21
June 28
June 30    Balances                    $            $

2. Determine the total sales, the total cost of goods sold, and the gross profit from sales for the period.
Total sales    $
Total cost of goods sold    $
Gross profit from sales    $

3. Determine the ending inventory cost as of June 30.