# FIFO Perpetual Inventory The

FIFO 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 Numberof Units Per Unit Total Apr. 3 Inventory 48 \$450 \$21,600 8 Purchase 96 540 51,840 11 Sale 64 1,500 96,000 30 Sale 40 1,500 60,000 May 8 Purchase 80 600 48,000 10 Sale 48 1,500 72,000 19 Sale 24 1,500 36,000 28 Purchase 80 660 52,800 June 5 Sale 48 1,575 75,600 16 Sale 64 1,575 100,800 21 Purchase 144 720 103,680 28 Sale 72 1,575 113,400

Required:

1.  Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 3, using the first-in, first-out method. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Merchandise Sold Unit Cost column and in the Inventory Unit Cost column.

# FIFO Perpetual Inventory The

FIFO Perpetual Inventory

The beginning inventory 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 66   \$150   \$9,900
8   Purchase 132   180   23,760
11   Sale 88   500   44,000
30   Sale 55   500   27,500
May 8   Purchase 110   200   22,000
10   Sale 66   500   33,000
19   Sale 33   500   16,500
28   Purchase 110   220   24,200
June 5   Sale 66   525   34,650
16   Sale 88   525   46,200
21   Purchase 198   240   47,520
28   Sale 99   525   51,975

Required:

1.  Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 3, using the first-in, first-out method. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Goods Sold Unit Cost column and in the Inventory Unit Cost column.

Dunne Co.
Schedule of Cost of Goods Sold
FIFO Method
For the Three Months Ended June 30
Purchases Cost of Goods Sold Inventory
Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost
Apr. 3               \$ \$
Apr. 8   \$ \$

Apr. 11         \$ \$

Apr. 30
May 8

May 10

May 19
May 28

June 5
June 16
June 21

June 28

June 30 Balances         \$     \$

2. Determine the total sales and the total cost of goods sold for the period. Journalize the entries in the sales and cost of goods sold accounts. Assume that all sales were on account.

 Record sale Record cost

3.  Determine the gross profit from sales for the period.
\$

4.  Determine the ending inventory cost as of June 30.
\$

5.  Based upon the preceding data, would you expect the ending inventory using the last-in, first-out method to be higher or lower?

# FIFO Perpetual Inventory The

FIFO Perpetual Inventory

The beginning inventory of merchandise at Rhodes Co. and data on purchases and sales for a three-month period ending June 30 are as follows:

 Date Transaction Numberof 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 42 1,315 55,230 16 Sale 56 1,315 73,640 21 Purchase 126 600 75,600 28 Sale 63 1,315 82,845

Required:

1.  Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 3, using the first-in, first-out method. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Merchandise Sold Unit Cost column and in the Inventory Unit Cost column.

 Rhodes Co.Schedule of Cost of Merchandise SoldFIFO MethodFor the three-months ended June 30 Purchases Cost of Merchandise Sold Inventory Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Apr. 3 fill in the blank 1 \$fill in the blank 2 \$fill in the blank 3 Apr. 8 fill in the blank 4 \$fill in the blank 5 \$fill in the blank 6 fill in the blank 7 fill in the blank 8 fill in the blank 9 fill in the blank 10 fill in the blank 11 fill in the blank 12 Apr. 11 fill in the blank 13 \$fill in the blank 14 \$fill in the blank 15 fill in the blank 16 fill in the blank 17 fill in the blank 18 fill in the blank 19 fill in the blank 20 fill in the blank 21 Apr. 30 fill in the blank 22 fill in the blank 23 fill in the blank 24 fill in the blank 25 fill in the blank 26 fill in the blank 27 May 8 fill in the blank 28 fill in the blank 29 fill in the blank 30 fill in the blank 31 fill in the blank 32 fill in the blank 33 fill in the blank 34 fill in the blank 35 fill in the blank 36 May 10 fill in the blank 37 fill in the blank 38 fill in the blank 39 fill in the blank 40 fill in the blank 41 fill in the blank 42 fill in the blank 43 fill in the blank 44 fill in the blank 45 May 19 fill in the blank 46 fill in the blank 47 fill in the blank 48 fill in the blank 49 fill in the blank 50 fill in the blank 51 May 28 fill in the blank 52 fill in the blank 53 fill in the blank 54 fill in the blank 55 fill in the blank 56 fill in the blank 57 fill in the blank 58 fill in the blank 59 fill in the blank 60 June 5 fill in the blank 61 fill in the blank 62 fill in the blank 63 fill in the blank 64 fill in the blank 65 fill in the blank 66 June 16 fill in the blank 67 fill in the blank 68 fill in the blank 69 fill in the blank 70 fill in the blank 71 fill in the blank 72 June 21 fill in the blank 73 fill in the blank 74 fill in the blank 75 fill in the blank 76 fill in the blank 77 fill in the blank 78 fill in the blank 79 fill in the blank 80 fill in the blank 81 June 28 fill in the blank 82 fill in the blank 83 fill in the blank 84 fill in the blank 85 fill in the blank 86 fill in the blank 87 fill in the blank 88 fill in the blank 89 fill in the blank 90 June 30 Balances \$fill in the blank 91 \$fill in the blank 92

2. Determine the total sales and the total cost of merchandise sold for the period. Journalize the entries in the sales and cost of merchandise sold accounts. Assume that all sales were on account. If an amount box does not require an entry, leave it blank.

Description Post. Ref. Debit Credit
Record sale     fill in the blank 94 fill in the blank 95
fill in the blank 97 fill in the blank 98
Record cost     fill in the blank 100 fill in the blank 101
fill in the blank 103 fill in the blank 104

3.  Determine the gross profit from sales for the period.
\$fill in the blank 105

4.  Determine the ending inventory cost as of June 30.
\$fill in the blank 106

5.  Based upon the preceding data, would you expect the inventory using the last-in, first-out method to be higher or lower?

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