Solution-Determine the total sales the total cost of goods

Determine the total sales the total cost of goods sold

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Reference no: EM131747029

The beginning inventory at Dunne Co. and data on purchases and sales for a three-month period are as follows:

Apr. 3	Inventory	54	$375	$20,250
8	Purchase	108	450	48,600
11	Sale	72	1,250	90,000
30	Sale	45	1,250	56,250
May 8	Purchase	90	500	45,000
10	Sale	54	1,250	67,500
19	Sale	27	1,250	33,750
28	Purchase	90	550	49,500
June 5	Sale	54	1,315	71,010
16	Sale	72	1,315	94,680
21	Purchase	162	600	97,200
28	Sale	81	1,315	106,515

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: EM131747029

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Determine the total sales the total cost of goods sold

Reference no: EM131747029

Reference no: EM131747029

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