Chapter 6 Inventories s: Series B PR 6-1B FIFO perpetual inventory Obj. 2, 3 74 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 Transaction Apr. 3 Inventory 25 $1,200 30,000 8 Purchase 11 Sale 30 Sale 75 40 30 60 50 93,000 60,000 1,240 2000 2000 80.000 May 8 Purchase 200075,600 40,000 1,260 100,800 90,000 56,250 1,260 2,000 10 Sale 19 Sale 28 Purchase 100,000 80 40 25 3s June 5 Sale 2,250 2,250 16 Sale 21 Purchase 28 Sale 2.250 44,240 99,000 Instructions 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 first-in, first-out method. entries in the sales and cost of goods sold accounts. Assume that all sales were on account. Determine the ending inventory cost on June 30. first-out method to be higher or lower? 2. Determine the total sales and the total cost of goods sold for the period. Journalize the 3. Determine the gross profit from sales for the period. 4. 5. Based upon the preceding data, would you expect the ending inventory using the last-in, Obj. 2, 3 PR 6-2B LIFO perpetual inventory The beginning inventory for Dunne Co. and data on purchases and sales for a three-month period are shown in Problem 6-1B Instructions 1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in Exhibit 4, using the last-in, first-out method. 1 Dutermin r the ota! sales, the total cost of goods sold, and the gross profit from sales for