Show Me How Calculator Print Item The beginn ning inventory at Dunne Co. and dat

Question

Show Me How Calculator Print Item The beginn ning inventory at Dunne Co. and data on purchases and sales for a three-month period are as follows Number DateTransaction of Units Per Unit Total Apr. 3 Inventory 48 $525 $25,200 60,480 64 1,750112,000 70,000 56,000 48 1,75084,000 24 1,750 42,000 770 61,600 88,320 117,760 120,960 132,480 8 Purchase 96 630 11 Sale 30 Sale May 8 Purchase 10 Sale 19 Sale 40 1,750 80 700 28 Purchase June 5 Sale 16 Sale 21 Purchase 28 Sale 48 64 144 72 1,840 840 1,840 Required: l. Record the inventory, purchases, and cost first-out meth Cost column and LOWER unit cost first in the Inventory Unit Cost column. of goods sold data in a perpetual inventory record similar to the one illustrated in Exhibit 3, using the last-in od. 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

Explanation / Answer

LIFO Goods Purchased Cost of Goods Sold Inventory Balance Date Units Cost/Unit Units Cost/Unit Total $ Units Cost/Unit Total $ Beg. Inv. Apr. 3 48 x 525 = 25200 Purchase Apr. 8 96 630 48 x 525 = 25200 96 x 630 = 60480 Total 144 85680 Sale Apr. 11 64 x 630 = 40320 48 x 525 = 25200 32 x 630 = 20160 Total 64 40320 80 45360 Sale Apr. 30 32 x 630 = 20160 8 x 525 = 4200 40 x 525 = 21000 Total 40 24360 40 525 21000 Purchase May. 8 80 700 40 x 525 = 21000 80 x 700 = 56000 Total 120 77000 Sale May. 10 48 x 700 = 33600 40 x 525 = 21000 32 x 700 = 22400 Total 48 33600 72 43400 Sale May. 19 24 x 700 = 16800 40 x 525 = 21000 8 x 700 = 708 Total 24 16800 48 21708 Purchase May. 28 80 770 40 x 525 = 21000 8 x 700 = 5600 80 x 770 = 61600 Total 128 88200 Sale Jun. 5 48 x 770 = 36960 40 x 525 = 21000 8 x 700 = 5600 32 x 770 = 24640 48 36960 80 51240 Sale Jun. 16 32 x 770 = 24640 8 x 700 = 5600 24 x 525 = 12600 16 x 525 = 8400 Total 64 42840 16 8400 Purchase Jun. 21 144 840 16 x 525 = 8400 144 x 840 = 120960 Total 160 129360 Sale Jun. 28 72 x 840 = 60480 16 x 525 = 8400 72 x 840 = 60480 Total 72 60480 88 68880 Cost of Goods Sold 255360 Ending Inventory 68880

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