Question Content Area FIFO perpetual inventory The beginning inventory at Dunne Co. and data...
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Question Content Area
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
Numberof Units
Per Unit
Total
Apr. 3
Inventory
25
$1,200
$30,000
8
Purchase
75
1,240
93,000
11
Sale
40
2,000
80,000
30
Sale
30
2,000
60,000
May 8
Purchase
60
1,260
75,600
10
Sale
50
2,000
100,000
19
Sale
20
2,000
40,000
28
Purchase
80
1,260
100,800
June 5
Sale
40
2,250
90,000
16
Sale
25
2,250
56,250
21
Purchase
35
1,264
44,240
28
Sale
44
2,250
99,000
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 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.
Date
Purchases Quantity
Purchases Unit Cost
Purchases Total Cost
Cost of Goods Sold Quantity
Cost of Goods Sold Unit Cost
Cost of Goods Sold Total Cost
Inventory Quantity
Inventory Unit Cost
Inventory 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
Apr. 8
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
Apr. 11
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
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fill in the blank 25
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May 8
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May 8
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May 10
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May 10
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May 19
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May 28
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May 28
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June 5
fill in the blank 61
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June 5
fill in the blank 64
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June 16
fill in the blank 70
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June 21
fill in the blank 76
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June 21
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June 28
fill in the blank 85
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June 28
fill in the blank 88
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fill in the blank 90
fill in the blank 91
fill in the blank 92
fill in the blank 93
June 30
Balances
$fill in the blank 94
$fill in the blank 95
2. Determine the total sales and the total cost of goods sold for the period. Journalize summary entries for the sales and corresponding cost of goods sold for the period. Assume that all sales were on account. If an amount box does not require an entry, leave it blank.
