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Corporate Financial Accounting 14th Edition by Carl Warren,James Reeve,Jonathan Duchac
Edition 14ISBN: 978-1305653535Corporate Financial Accounting 14th Edition by Carl Warren,James Reeve,Jonathan Duchac
Edition 14ISBN: 978-1305653535 Exercise 57
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.
2. Determine the total sales, the total cost of goods sold, and the gross profit from sales for the period.
3. Determine the ending inventory cost on June 30.
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.
2. Determine the total sales, the total cost of goods sold, and the gross profit from sales for the period.
3. Determine the ending inventory cost on June 30.
Explanation
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LIFO perpetual inventory
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Corporate Financial Accounting 14th Edition by Carl Warren,James Reeve,Jonathan Duchac
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