Periodic Inventory by Three Methods The beginning inventory for Dunne Co. and data on purchases...
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Periodic Inventory by Three Methods The beginning inventory for Dunne Co. and data on purchases and sales for a three-month period are as follows: Number Date Transaction of Units Per Unit Total Apr. 3 Inventory $1,200 $30,000 8 Purchase 75 1,240 93,000 11 Sale 2,000 80,000 30 Sale 2,000 60,000 May 8 Purchase 1,260 75,600 10 Sale 2,000 100,000 19 Sale 2,000 40,000 28 Purchase 1,260 100,800 June 5 Sale 2,250 90,000 16 Sale 25 2,250 56,250 21 Purchase 1,264 44,240 28 Sale 44 2,250 99,000 Required: 1. Determine the inventory on June 30 and the cost of goods sold for the three-month period, using the first-in, first-out method and the periodic inventory system. Inventory, June 30 $ Cost of goods sold $ 2. Determine the inventory on June 30 and the cost of goods sold for the three-month period, using the last-in, first-out method and the periodic inventory system. Inventory, June 30 $ Cost of goods sold $ 3. Determine the inventory on June 30 and the cost of goods sold for the three-month period, using the weighted average cost method and the periodic inventory system. Note: Round the weighted average unit cost to the nearest dollar and final answers to the nearest dollar
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