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1. FIFO Perpetual Inventory

   The beginning inventory at Dunne Co. and data on purchases and sales for a three-month period ending June 30 are as follows:

   Date		Transaction	Number of Units		Per Unit		Total
   Apr. 3		Inventory	66		$375		$24,750
   8		Purchase	132		450		59,400
   11		Sale	88		1,250		110,000
   30		Sale	55		1,250		68,750
   May 8		Purchase	110		500		55,000
   10		Sale	66		1,250		82,500
   19		Sale	33		1,250		41,250
   28		Purchase	110		550		60,500
   June 5		Sale	66		1,315		86,790
   16		Sale	88		1,315		115,720
   21		Purchase	198		600		118,800
   28		Sale	99		1,315		130,185

   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 Goods Sold Unit Cost column and in the Inventory Unit Cost column.

   Dunne Co. Schedule of Cost of Goods Sold FIFO Method For the Three Months Ended June 30
   	Purchases			Cost of Goods Sold			Inventory
   Date	Quantity	Unit Cost	Total Cost	Quantity	Unit Cost	Total Cost	Quantity	Unit Cost	Total Cost
   Apr. 3							fill in the blank 1	$fill in the blank 2	$fill in the blank 3
   Apr. 8	fill in the blank 4	$fill in the blank 5	$fill in the blank 6				fill in the blank 7	fill in the blank 8	fill in the blank 9
   							fill in the blank 10	fill in the blank 11	fill in the blank 12
   Apr. 11				fill in the blank 13	$fill in the blank 14	$fill in the blank 15	fill in the blank 16	fill in the blank 17	fill in the blank 18
   				fill in the blank 19	fill in the blank 20	fill in the blank 21
   Apr. 30				fill in the blank 22	fill in the blank 23	fill in the blank 24	fill in the blank 25	fill in the blank 26	fill in the blank 27
   May 8	fill in the blank 28	fill in the blank 29	fill in the blank 30				fill in the blank 31	fill in the blank 32	fill in the blank 33
   							fill in the blank 34	fill in the blank 35	fill in the blank 36
   May 10				fill in the blank 37	fill in the blank 38	fill in the blank 39	fill in the blank 40	fill in the blank 41	fill in the blank 42
   				fill in the blank 43	fill in the blank 44	fill in the blank 45
   May 19				fill in the blank 46	fill in the blank 47	fill in the blank 48	fill in the blank 49	fill in the blank 50	fill in the blank 51
   May 28	fill in the blank 52	fill in the blank 53	fill in the blank 54				fill in the blank 55	fill in the blank 56	fill in the blank 57
   							fill in the blank 58	fill in the blank 59	fill in the blank 60
   June 5				fill in the blank 61	fill in the blank 62	fill in the blank 63	fill in the blank 64	fill in the blank 65	fill in the blank 66
   June 16				fill in the blank 67	fill in the blank 68	fill in the blank 69	fill in the blank 70	fill in the blank 71	fill in the blank 72
   June 21	fill in the blank 73	fill in the blank 74	fill in the blank 75				fill in the blank 76	fill in the blank 77	fill in the blank 78
   							fill in the blank 79	fill in the blank 80	fill in the blank 81
   June 28				fill in the blank 82	fill in the blank 83	fill in the blank 84	fill in the blank 85	fill in the blank 86	fill in the blank 87
   				fill in the blank 88	fill in the blank 89	fill in the blank 90
   June 30	Balances					$fill in the blank 91			$fill in the blank 92

   2. Determine the total sales and the total cost of goods sold for the period. Journalize the entries in the sales and cost of goods sold accounts. Assume that all sales were on account. If an amount box does not require an entry, leave it blank.

   Record sale		fill in the blank 94	fill in the blank 95
   		fill in the blank 97	fill in the blank 98
   Record cost		fill in the blank 100	fill in the blank 101
   		fill in the blank 103	fill in the blank 104

   3. Determine the gross profit from sales for the period. $fill in the blank 105

   4. Determine the ending inventory cost as of June 30. $fill in the blank 106

   5. Based upon the preceding data, would you expect the ending inventory using the last-in, first-out method to be higher or lower?

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