Question

In: Accounting

LIFO Perpetual Inventory The beginning inventory of merchandise at Dunne Co. and data on purchases and...

LIFO Perpetual Inventory

The beginning inventory of merchandise 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 48 $375 $18,000
8 Purchase 96 450 43,200
11 Sale 64 1250 80,000
30 Sale 40 1250 50,000
May 8 Purchase 80 500 40,000
10 Sale 48 1250 60,000
19 Sale 24 1250 30,000
28 Purchase 80 550 44,000
Jun 5 sale 48 1315 63,120
16 sale 64 1315 84,160

21

Purchase 144 600 86,400
28 Sale 72 1315 94,680

Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 4, 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 Merchandise Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column.

Solutions

Expert Solution

LIFO
Date Purchases Cost of Goods Sold Balance
Unit Cost Total Unit Cost Total Unit Cost Total
3-Apr                   48           375.00     18,000.00
8-Apr                   96           450.00      43,200.00                   48           375.00     18,000.00
                  96           450.00     43,200.00
                144     61,200.00
11-Apr                   64           450.00      28,800.00                   48           375.00     18,000.00
                  32           450.00     14,400.00
                  80     32,400.00
30-Apr                   32           450.00      14,400.00                   40           375.00     15,000.00
                    8           375.00        3,000.00
                  40      17,400.00
8-May                   80           500.00      40,000.00                   40           375.00     15,000.00
                  80           500.00     40,000.00
                120     55,000.00
10-May                   48           500.00      24,000.00                   40           375.00     15,000.00
                  32           500.00     16,000.00
                  72     31,000.00
19-May                   24           500.00      12,000.00                   40           375.00     15,000.00
                    8           500.00       4,000.00
                  48     19,000.00
28-May                   80           550.00      44,000.00                   40           375.00     15,000.00
                    8           500.00       4,000.00
                  80           550.00     44,000.00
                128     63,000.00
5-Jun                   48           550.00      26,400.00                   40           375.00     15,000.00
                    8           500.00       4,000.00
                  32           550.00     17,600.00
                  80     36,600.00
16-Jun                   32           550.00      17,600.00                   16           375.00       6,000.00
                    8           500.00        4,000.00
                  24           375.00        9,000.00
                  64      30,600.00
21-Jun                 144           600.00      86,400.00                   16           375.00       6,000.00
                144           600.00     86,400.00
                160     92,400.00
28-Jun                   72           600.00      43,200.00                   16           375.00       6,000.00
                  72           600.00     43,200.00
                  88     49,200.00
Total                 400    213,600.00                 360    182,400.00

Related Solutions

LIFO Perpetual Inventory The beginning inventory of merchandise at Dunne Co. and data on purchases and...
LIFO Perpetual Inventory The beginning inventory of merchandise 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 48 $600 $28,800 8 Purchase 96 720 69,120 11 Sale 64 2,000 128,000 30 Sale 40 2,000 80,000 May 8 Purchase 80 800 64,000 10 Sale 48 2,000 96,000 19 Sale 24 2,000 48,000 28 Purchase 80 880 70,400 June 5 Sale...
LIFO Perpetual Inventory The beginning inventory of merchandise at Dunne Co. and data on purchases and...
LIFO Perpetual Inventory The beginning inventory of merchandise 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 42 $525 $22,050 8 Purchase 84 630 52,920 11 Sale 56 1,750 98,000 30 Sale 35 1,750 61,250 May 8 Purchase 70 700 49,000 10 Sale 42 1,750 73,500 19 Sale 21 1,750 36,750 28 Purchase 70 770 53,900 June 5 Sale...
LIFO Perpetual Inventory The beginning inventory of merchandise at Dunne Co. and data on purchases and...
LIFO Perpetual Inventory The beginning inventory of merchandise 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    84,    $225,    $18,900 8    Purchase 168, 270, 45,360 11 Sale 113,    750, 84,750 30 Sale 71,    750,    53,250 May 8    Purchase 140,    300,    42,000 10 Sale    84,...
LIFO Perpetual Inventory The beginning inventory of merchandise at Dunne Co. and data on purchases and...
LIFO Perpetual Inventory The beginning inventory of merchandise 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 84 $375 $31,500 8 Purchase 168 450 75,600 11 Sale 113 1,250 141,250 30 Sale 71 1,250 88,750 May 8 Purchase 140 500 70,000 10 Sale 84 1,250 105,000 19 Sale 42 1,250 52,500 28 Purchase 140 550 77,000 June 5 Sale...
LIFO Perpetual Inventory The beginning inventory of merchandise at Dunne Co. and data on purchases and...
LIFO Perpetual Inventory The beginning inventory of merchandise 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 42 $375 $15,750 8 Purchase 84 450 37,800 11 Sale 56 1,250 70,000 30 Sale 35 1,250 43,750 May 8 Purchase 70 500 35,000 10 Sale 42 1,250 52,500 19 Sale 21 1,250 26,250 28 Purchase 70 550 38,500 June 5 Sale...
LIFO Perpetual Inventory The beginning inventory at Dunne Co. and data on purchases and sales for...
LIFO Perpetual Inventory The beginning inventory at Dunne Co. and data on purchases and sales for a three-month period are as follows: Date Transaction Number of Units Per Unit Total Apr. 3 Inventory 78 $300 $23,400 8 Purchase 156 360 56,160 11 Sale 105 1,000 105,000 30 Sale 66 1,000 66,000 May 8 Purchase 130 400 52,000 10 Sale 78 1,000 78,000 19 Sale 39 1,000 39,000 28 Purchase 130 440 57,200 June 5 Sale 78 1,050 81,900 16 Sale...
LIFO Perpetual Inventory The beginning inventory at Dunne Co. and data on purchases and sales for...
LIFO Perpetual Inventory The beginning inventory at Dunne Co. and data on purchases and sales for a three-month period are as follows: Date Transaction Number of Units Per Unit Total Apr. 3 Inventory 42 $525 $22,050 8 Purchase 84 630 52,920 11 Sale 56 1,750 98,000 30 Sale 35 1,750 61,250 May 8 Purchase 70 700 49,000 10 Sale 42 1,750 73,500 19 Sale 21 1,750 36,750 28 Purchase 70 770 53,900 June 5 Sale 42 1,840 77,280 16 Sale...
LIFO Perpetual Inventory The beginning inventory at Dunne Co. and data on purchases and sales for...
LIFO Perpetual Inventory The beginning inventory at Dunne Co. and data on purchases and sales for a three-month period are as follows: Date Transaction Number of Units Per Unit Total Apr. 3 Inventory 90 $ 225 $ 20,250 8 Purchase 180 270 48,600 11 Sale 121 750 90,750 30 Sale 76 750 57,000 May 8 Purchase 150 300 45,000 10 Sale 90 750 67,500 19 Sale 45 750 33,750 28 Purchase 150 330 49,500 June 5 Sale 90 790 71,100...
LIFO Perpetual Inventory The beginning inventory at Dunne Co. and data on purchases and sales for...
LIFO Perpetual Inventory The beginning inventory at Dunne Co. and data on purchases and sales for a three-month period are as follows: Date Transaction Number of Units Per Unit Total Apr. 3 Inventory 36 $525 $18,900 8 Purchase 72 630 45,360 11 Sale 48 1,750 84,000 30 Sale 30 1,750 52,500 May 8 Purchase 60 700 42,000 10 Sale 36 1,750 63,000 19 Sale 18 1,750 31,500 28 Purchase 60 770 46,200 June 5 Sale 36 1,840 66,240 16 Sale...
LIFO Perpetual Inventory The beginning inventory at Dunne Co. and data on purchases and sales for...
LIFO Perpetual Inventory The beginning inventory at Dunne Co. and data on purchases and sales for a three-month period are as follows: Date Transaction Number of Units Per Unit Total Apr. 3 Inventory 42 $300 $12,600 8 Purchase 84 360 30,240 11 Sale 56 1,000 56,000 30 Sale 35 1,000 35,000 May 8 Purchase 70 400 28,000 10 Sale 42 1,000 42,000 19 Sale 21 1,000 21,000 28 Purchase 70 440 30,800 June 5 Sale 42 1,050 44,100 16 Sale...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT