Question

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

Answer 1

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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