The beginning inventory for Dunne Co. and data on purchases and sales for a three-month period are shown below
|
Date |
Transaction |
Number of 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 | |
| Instructions | |
| 1. | Determine the inventory on June 30, 2016, and the cost of goods
sold for the three-month period, using the first-in, first-out
method
The method of inventory costing based on the assumption that the costs of merchandise sold should be charged against revenue in the order in which the costs were incurred. and the periodic inventory system. |
| 2. | Determine the inventory on June 30, 2016, and the cost of goods
sold for the three-month period, using the last-in, first-out
method
The method of inventory costing based on the assumption that the cost of merchandise sold is the cost of the most recent purchases. and the periodic inventory system. |
| 3. | Determine the inventory on June 30, 2016, and the cost of goods
sold for the three-month period, using the weighted average cost
method
The method of inventory costing in which a weighted average unit cost for each item is computed each time a purchase is made. and the periodic inventory system. Round the weighted average unit cost to the dollar. |
| 4. | Compare the gross profit and June 30, 2016, inventories. |
none
X
FIFO
1. Determine the inventory on June 30, 2016, and the cost of goods sold for the three-month period, using the first-in, first-out method
The method of inventory costing based on the assumption that the costs of merchandise sold should be charged against revenue in the order in which the costs were incurred.
and the periodic inventory system.
| Merchandise inventory, June 30, 2016 | |
| Cost of merchandise sold |
Points:
Feedback
Check My Work
none
X
LIFO
2. Determine the inventory on June 30, 2016, and the cost of goods sold for the three-month period, using the last-in, first-out method
The method of inventory costing based on the assumption that the cost of merchandise sold is the cost of the most recent purchases.
and the periodic inventory system.
| Merchandise inventory, June 30, 2016 | |
| Cost of merchandise sold |
Points:
Feedback
Check My Work
none
X
Weighted Average Cost Method
3. Determine the inventory on June 30, 2016, and the cost of goods sold for the three-month period, using the weighted average cost method
The method of inventory costing in which a weighted average unit cost for each item is computed each time a purchase is made.
and the periodic inventory system. Round the weighted average unit cost to the dollar.
| Merchandise inventory, June 30, 2016 | |
| Cost of merchandise sold |
Points:
Feedback
Check My Work
none
X
Final Question
4. Compare the gross profit and June 30, 2016, inventories using the following column headings:
Question not attempted.
|
1 |
FIFO |
LIFO |
Weighted Average |
|
|
2 |
Sales |
|||
|
3 |
Cost of merchandise sold |
|||
|
4 |
Gross profit |
|||
|
5 |
||||
|
6 |
Inventory, June 30, 2016 |
Solution
|
1 |
FIFO |
LIFO |
Weighted Average |
|
|
2 |
Sales |
|||
|
3 |
Cost of merchandise sold |
|||
|
4 |
Gross profit |
|||
|
5 |
||||
|
6 |
Inventory, June 30, 2016 |
Points:
Feedback
Check My Work
In: Accounting
write Issues, Rules, Analysis and conclusion on NLRB v. Babcock & Wilcox
In: Economics
what is the jurisdiction and standing for the Boeken v. Philip Morris, Inc case?
In: Economics
Write dt/ds with constant H in terms of T,P,V.
In: Other
Contrast when the A/P and D/V axes are specified in Nematodes and Fruitflies.
In: Biology
In: Other
In: Economics
In: Accounting
I need a case brief for Mclaughlin v. County of Riverside (1991)
In: Psychology
where can i find the answers to the actual TEAS V test?
In: Anatomy and Physiology