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Accounting 26th Edition by Carl Warren,James Reeve,Jonathan Duchac
Edition 26ISBN: 978-1285743615Accounting 26th Edition by Carl Warren,James Reeve,Jonathan Duchac
Edition 26ISBN: 978-1285743615 Exercise 47
LIFO perpetual inventory
The beginning inventory for Dunne Co. and data on purchases and sales for a three-month period are shown in Problem 7-1B.
Instructions
1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 5, using the last-in, first-out method.
2. Determine the total sales, the total cost of merchandise sold, and the gross profit from sales for the period.
3. Determine the ending inventory cost on June 30, 2016.
The beginning inventory for Dunne Co. and data on purchases and sales for a three-month period are shown in Problem 7-1B.
Instructions
1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 5, using the last-in, first-out method.
2. Determine the total sales, the total cost of merchandise sold, and the gross profit from sales for the period.
3. Determine the ending inventory cost on June 30, 2016.
Explanation
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Last in, first out (LIFO) cost flow meth...
Accounting 26th Edition by Carl Warren,James Reeve,Jonathan Duchac
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