Determine the ending inventory cost as of june

Assignment Help Accounting Basics

Reference no: EM131902084

Problem: 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	66	$600	$39,600
8	Purchase	132	720	95,040
11	Sale	88	2,000	176,000
30	Sale	55	2,000	110,000
May 8	Purchase	110	800	88,000
10	Sale	66	2,000	132,000
19	Sale	33	2,000	66,000
28	Purchase	110	880	96,800
June 5	Sale	66	2,100	138,600
16	Sale	88	2,100	184,800
21	Purchase	198	960	190,080
28	Sale	99	2,100	207,900

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 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 Goods Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column.

2. Determine the total sales, the total cost of goods sold, and the gross profit from sales for the period.

3. Determine the ending inventory cost as of June 30.

Reference no: EM131902084

Questions Cloud

Aggregate demand and supply shocks : What is the main difference between aggregate demand and supply shocks? Please make it brief.

Define locus of control : Define locus of control. Differentiate between the external and internal locus of control beliefs.

Draw the payoff diagrams : Draw the payoff diagrams (at maturity) for the following combinations of ABC stock and its options.

Currency appreciation-depreciation and inflation : What is the relationship between currency appreciation/ depreciation and Inflation?

Determine the ending inventory cost as of june : Determine the ending inventory cost as of June 30. Determine the total sales, the total cost of goods sold, and the gross profit from sales for the period.

What was the usd-gbp exchange rate : Under the classical gold standard, if one ounce of gold was equivalent to 20.67 USD and 4.87 GBP then what was the USD/GBP exchange rate?

Assessing the strengths and weaknesses of the organization : XYZ Company has decided to upgrade its information management systems with the hope of increased security and improved decision-making capabilities.

How much are you willing to pay to purchase one share : If you require an 11.5 percent rate of return, how much are you willing to pay to purchase one share of DeSoto's stock?

Discuss the importance of external financial reporting : What are the potential implications for the following if erroneous financial reporting circulates to third parties?

User Account

All Pages