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Dunne Co

Price: $2.50


The beginning inventory for Dunne Co. and data on purchases and sales for a three-month
period are as follows:


Date Transaction # of units Per Unit Total
Apr. 3 Inventory 25 1,200 30,000
8 Purchase 75 1,240 93,000
11 Sale 40 2,000 80,000
30 Sale 30 2,000 60,000
May 8 Purchase 60 1,260 75,600
10 Sale 50 2,000 100,000
19 Sale 20 2,000 40,000
28 Purchase 80 1,260 100,800
June 5 Sale 40 2,250 90,000
16 Sale 25 2,250 56,250
21 Purchase 35 1,264 44,240
28 Sale 44 2,250 99,000

Required:
1. Determine the inventory on June 30, 2014, and the cost of goods sold for the three-month period,
using the first-in, first-out method and the periodic inventory system.
2. Determine the inventory on June 30, 2014, and the cost of goods sold for the three-month period,
using the last-in, first-out method and the periodic inventory system.
3. Determine the inventory on June 30, 2014, and the cost of goods sold for the three-month period,
using the weighted average cost method and the periodic inventory system.
4. Compare the gross profit and June 30, 2014, inventories using the following column headings:


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