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Periodic Inventory by Three Methods The beginning inventory for Dunne Co, and data on purchases and...

Question

Periodic Inventory by Three Methods The beginning inventory for Dunne Co, and data on purchases and...

Periodic Inventory by Three Methods The beginning inventory for Dunne Co, and data on purchases and sales to period are as fo

28 Sale Required: 1. Determine the inventory on June 30 and the cost of goods sold for the three-month period, using the firs

Inventory, June 30 $ Cost of goods sold $ 4. Compare the gross profit and June 30 inventories using the following column head

Bank Reconciliation and Entries The cash account for Stone Systems at July 31, 2045, indicated a balance of $17,750. The bank

Periodic Inventory by Three Methods The beginning inventory for Dunne Co, and data on purchases and sales to period are as follows: Date Transaction of Units Per Unit Total for 3 Inventory 25 $1,200 $30,000 30 Sale 2.000 59.000 2.000 100.000 KSR RRS PMR Jumes Sale 25 See 2.250 56.250 See
28 Sale Required: 1. Determine the inventory on June 30 and the cost of goods sold for the three-month period, using the first-in, first-out method and the periodic inventory system. Inventory, June 30 $ Cost of goods sold $ 2. Determine the inventory on June 30 and the cost of goods sold for the three-month period, using the last-in, first-out method and the periodic inventory system. Inventory, June 30 $ Cost of goods sold $ 3. Determine the inventory on June 30 and the cost of goods sold for the three-month period, using the weighted average cost method and the periodic inventory system. Note: Round the weighted average unit cost to the nearest dollar and final answers to the nearest dollar.
Inventory, June 30 $ Cost of goods sold $ 4. Compare the gross profit and June 30 inventories using the following column headings. For those boxes in which you must enter subtracted or negative numbers use a minus sign FIFOLIFO Weighted Average Sales Cost of goods sold Gross profit Inventory, June 30 5 more Check My Work uses remaining.
Bank Reconciliation and Entries The cash account for Stone Systems at July 31, 2045, indicated a balance of $17,750. The bank statement indicated a balance of $33,650 on July 31, 20Y5. Comparing the bank statement and the accompanying canceled checks and memos with the records reveals the following reconciling items: a. Checks outstanding totaled $17,865. b. A deposit of $9,150, representing receipts of July 31, had been made too late to appear on the bank statement. C. The bank had collected $6,095 on a note left for collection. The face of the note was $5,750. d. A check for $390 returned with the statement had been incorrectly recorded by Stone Systems as $930. The check was for the payment of an obligation to Holland Co. for the purchase of office supplies on account. e. A check drawn for $1,810 had been incorrectly charged by the bank as $1,180. f. Bank service charges for July amounted to $80. Required: 1. Prepare a bank reconciliation. Stone Systems

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Dunne Co. Answer 1
Periodic FIFO
Date Cost of Goods available for sale Cost of Goods sold Inventory Balance
No. of Units Cost per unit Amount No. of Units Cost per unit Cost of Goods sold No. of Units Cost per unit Inventory Balance
3-Apr             25.00        1,200.00      30,000.00         25.00 1,200.00      30,000.00                -   1,200.00                    -  
8-Apr             75.00        1,240.00      93,000.00         75.00 1,240.00      93,000.00                -   1,240.00                    -  
8-May             60.00        1,260.00      75,600.00         60.00 1,260.00      75,600.00                -   1,260.00                    -  
28-May             80.00        1,260.00 100,800.00         80.00 1,260.00 100,800.00                -   1,260.00                    -  
21-Jun             35.00        1,264.00      44,240.00           9.00 1,264.00      11,376.00         26.00 1,264.00      32,864.00
Total           275.00 343,640.00       249.00 310,776.00         26.00     32,864.00
So ending Inventory Balance as per FIFO is $ 32,864.
So Cost of Goods sold as per FIFO is $ 310,776.
Periodic LIFO Answer 2
Date Cost of Goods available for sale Cost of Goods sold Inventory Balance
No. of Units Cost per unit Amount No. of Units Cost per unit Cost of Goods sold No. of Units Cost per unit Inventory Balance
3-Apr             25.00        1,200.00      30,000.00         25.00 1,200.00      30,000.00
8-Apr             75.00        1,240.00      93,000.00         74.00 1,240.00      91,760.00           1.00 1,240.00        1,240.00
8-May             60.00        1,260.00      75,600.00         60.00 1,260.00      75,600.00                -   1,260.00                    -  
28-May             80.00        1,260.00 100,800.00         80.00 1,260.00 100,800.00                -   1,260.00                    -  
21-Jun             35.00        1,264.00      44,240.00         35.00 1,264.00      44,240.00                -   1,264.00                    -  
Total           275.00 343,640.00       249.00 312,400.00         26.00     31,240.00
So ending Inventory Balance as per LIFO is $ 31,240.
So Cost of Goods sold as per LIFO is $ 312,400.
Periodic Weighted Average Answer 3
Date No. of Units Cost per unit Amount
3-Apr             25.00        1,200.00      30,000.00
8-Apr             75.00        1,240.00      93,000.00
8-May             60.00        1,260.00      75,600.00
28-May             80.00        1,260.00 100,800.00
21-Jun             35.00        1,264.00      44,240.00
Total           275.00 343,640.00
Average Cost per unit        1,250.00 This is Total cost/ Total Units
Units sold           249.00 311,250.00 This is 249 units * $ 1,250.
Ending Inventory             26.00      32,500.00 This is 26 units * $ 1,250.
So ending Inventory Balance as per Weighted Average is $ 32,448.
So Cost of Goods sold as per Weighted Average is $ 310,752.
Answer 4
Calculation of sales value
Date Units Sold Price Amount
11-Apr             40.00        2,000.00      80,000.00
30-Apr             30.00        2,000.00      60,000.00
10-May             50.00        2,000.00 100,000.00
19-May             20.00        2,000.00      40,000.00
5-Jun             40.00        2,250.00      90,000.00
16-Jun             25.00        2,250.00      56,250.00
28-Jun             44.00        2,250.00      99,000.00
Total Sales           249.00 525,250.00
Income Statement FIFO LIFO Weighted Average
Sales 525,250.00 525,250.00 525,250.00
Cost of Goods sold 310,776.00 312,400.00 311,250.00
Gross Profit 214,474.00 212,850.00 214,000.00
Inventory, Jun 30     32,864.00     31,240.00     32,500.00
Stone Systems
Bank reconciliation as on July 31, 20Y5.
Amount $
Balance as per books 17,750.00
Add:
Outstanding checks not cleared by bank 17,865.00
Note collected by bank not recorded in books      6,095.00
Check drawn for $ 1,810 but charged by bank as $ 1,180         630.00
Check returned recorded incorrectly (930-390)         540.00
Total 42,880.00
Less:
Deposits in transit      9,150.00
Service charged deducted by bank but not recorded in books           80.00
Balance as per bank 33,650.00


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