LIFO Perpetual Inventory The beginning inventory for Dunne Co. and data on purchases and sales for a three-month period are as follows: Date   Transaction Numberof Units Per Unit Total Apr. 3   Inventory 25   $1,200   $30,000   8   Purchase 75   1,240   93,000   11   Sale 40   2,000   80,000   30   Sale 30   2,000   60,000   May 8   Purchase 60   1,260   75,600   10   Sale 50   2,000   100,000   19   Sale 20   2,000   40,000   28   Purchase 80   1,260   100,800   June 5   Sale 40   2,250   90,000   16   Sale 25   2,250   56,250   21   Purchase 35   1,264   44,240   28   Sale 44   2,250   99,000   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 SoldLIFO 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               $ $ 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, the total cost of merchandise sold, and the gross profit from sales for the period. Total sales $ Total cost of merchandise sold   Gross profit $ 3.  Determine the ending inventory cost on June 30.$

Weighted Average Cost Method with Perpetual Inventory The beginning inventory for Midnight Supplies and data on purchases and sales for a three-month period are as follows: Date   Transaction Numberof Units Per Unit Total Jan. 1   Inventory 7,500   $79.00   $592,500   10   Purchase 22,500   89.00   2,002,500   28   Sale 11,250   158.00   1,777,500   30   Sale 3,750   158.00   592,500   Feb. 5   Sale 1,500   158.00   237,000   10   Purchase 54,000   91.50   4,941,000   16   Sale 27,000   168.00   4,536,000   28   Sale 25,500   168.00   4,284,000   Mar. 5   Purchase 45,000   93.50   4,207,500   14   Sale 30,000   168.00   5,040,000   25   Purchase 7,500   94.00   705,000   30   Sale 26,250   168.00   4,410,000   Required: 1.  Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in Exhibit 5, using the weighted average cost method. Round unit cost to two decimal places, if necessary. Round…

Perpetual inventory using FIFO The following units of a particular item were available for sale during the calendar year: Jan. 1   Inventory 3,800 units at $39 Apr. 19   Sale 2,000 units June 30   Purchase 4,300 units at $42 Sept. 2   Sale 5,300 units Nov. 15   Purchase 2,000 units at $43 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 first-in, first-out method. Present the data in the form illustrated in Exhibit 3. 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. Round your answers for quantity values to the nearest whole number, for unit cost values to the nearest cent, and for total cost values to the nearest dollar. Schedule of Cost of Goods SoldFIFO Method                     Purchases Cost of Goods Sold Inventory…

Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 13 units at $3,800 $49,400 Aug. 7 Purchase 19 units at $3,900 74,100 Dec. 11 Purchase 13 units at $4,100 53,300   45 units $176,800 There are 18 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using (a) the first-in, first-out (FIFO) method; (b) the last-in, first-out (LIFO) method; and (c) the weighted average cost method (Round per unit cost to two decimal places and your final answer to the nearest whole dollar).