The beginning inventory for Dunne Co. and data on purchases and sales for a three-month period are as follows:
|
Date
|
Transaction
|
Number of Units
|
Per Units
|
Total
|
|
Apr. 3
|
Inventory
|
25
|
1,240
|
$ 30,000
|
|
Apr. 8
|
Purchase
|
75
|
1,240
|
93,000
|
|
Apr. 11
|
Sale
|
40
|
2,000
|
80,000
|
|
Apr. 30
|
Sale
|
30
|
2,000
|
60,000
|
|
May 8
|
Purchase
|
60
|
1,260
|
75,600
|
|
May 10
|
Sale
|
50
|
2,000
|
100,000
|
|
May 19
|
Sale
|
20
|
2,000
|
40,000
|
|
May 28
|
Purchase
|
80
|
1,260
|
100,800
|
|
June 5
|
Sale
|
40
|
2,250
|
90,000
|
|
June 16
|
Sale
|
25
|
2,250
|
56,250
|
|
June 21
|
Purchase
|
35
|
1,264
|
44,240
|
|
June 28
|
Sale
|
44
|
2,250
|
99,000
|
Required:
1. Determine the inventory on June 30, 2014, and the cost of goods sold for the three-month period, using the first-in, first-out method and the periodic inventory system.
Merchandise inventory, June 30, 2014 $
Cost of merchandise sold $
2. Determine the inventory on June 30, 2014, and the cost of goods sold for the three-month period, using the last-in, first-out method and the periodic inventory system.
Merchandise inventory, June 30, 2014 $
Cost of merchandise sold $
3. Determine the inventory on June 30, 2014, and the cost of goods sold for the three-month period, using the weighted average cost method and the periodic inventory system. Round the weighted average unit cost to the nearest cent and final answers to the nearest dollar.
Merchandise inventory, June 30, 2014 $
Cost of merchandise sold $
4. Compare the gross profit and June 30, 2014, inventories using the following column headings. Enter all amounts as positive numbers.
FIFO LIFO Weighted Average Sales $ $ $ Cost of merchandise sold Gross profit $ $ $ Inventory, June 30, 2014 $ $ $