LIFO Perpetual Inventory The beginning inventory

LIFO perpetual inventory The beginning inventory at Funky Party Supplies and data on purchases and sales for a three-month period are shown in Problem 7-1A.   Date Transaction Number of Units Per Unit Total 1-Jan Inventory 2,500 $60 150,000 10 Purchase 7,500 68 510,000 28 Sale 3,750 120 450,000 30 Sale 1,250 120 150,000 5-Feb Sale 500 120 60,000 10 Purchase 18,000 70 1,260,000 16 Sale 9,000 125 1,125,000 28 Sale 8,500 125 1,062,500 5-Mar Purchase 15,000 71.6 1,074,000 14 Sale 10,000 125 1,250,000 25 Purchase 2,500 72 180,000 30 Sale 8,750 125 1,093,750 Instructions 1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record, using the last-in, first-out…

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: Number of Units Date Apr. 3 8 11 30 May 8. 10 19 28 June 5 16 2 29 Transaction Inventory Purchase Sale Sale Purchase Sale Sale Purchase Sale Sale Purchase 28 Sale 42 84 56 35 70 42 21 70 42 56 126 63 Per Unit $450 540 1,500 1,500 600 1,500 1,500 660 1,575 1,575 720 1,575 Total $18,900 45,360 84,000 52,500 42,000 63,000 31,500 46,200 66,150 88,200 90,720 99,225

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…

Perpetual inventory using LIFO The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 4,000 units at $41 Apr. 19 Sale 2,400 units June 30 Purchase 4,300 units at $44 Sale 5,100 units Purchase 1,800 units at $46 Sept. 2 Nov. 15 The firm maintains a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale, assuming the last-in, first-out method. Present the data in the form illustrated in Exhibit 4. Under LIFO, if units are in inventory at two or more different costs, enter the units with the LOWER unit cost first in the Inventory Unit Cost column. Date Jan. 1 Apr. 19 June 30 June 30 Sept. 2 Sept. 2 Nov. 15 Nov. 15 Dec. 31 Purchases Quantity Balances Purchases Unit Cost Purchases Total Cost Cost of Goods Sold Quantity LIFO Method Cost of Goods Sold Unit Cost Cost of Goods Sold Total Cost Inventory Quantity 00 Inventory Unit Cost Inventory Total Cost $ 000

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LIFO 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: Number Date Transaction Per Unit Total of Units Apr. 3 Inventory 42 $225 $9,450 Purchase 84 270 22,680 11 Sale 56 750 42,000 30 Sale 35 750 26,250 May 8 Purchase 70 300 21,000 10 Sale 42 750 31,500 19 Sale 21 750 15.750 28 Purchase 70 330 23,100 June 5 Sale 42 790 33.180 16 Sale 56 790 44,240 21 Purchase 126 360 45,360 28 Sale 63 790 49,770 Required: 1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 4, 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 Merchandise Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column. Dunne Co. Schedule of Cost of Merchandise Sold LIFO Method For the…

Perpetual Inventory Using LIFO The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 4,000 units at $20 Apr. 19 Sale 2,500 units June 30 Purchase 6,000 units at $24 Sept. 2 Sale 4,500 units Nov. 15 Purchase 1,000 units at $25 The firm maintains a perpetual inventory system. Determine the cost of merchandise sold for each sale and the inventory balance after each sale, assuming the last-in, first-out method. Present the data in the form illustrated in Exhibit 4. Under LIFO, if units are in inventory at two or more different costs, enter the units with the LOWER unit cost first in the Inventory Unit Cost column.