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Obj. 2, 3The 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.
Attachment:- Problem.xlsx
Verified Expert
In this assignment, question given on inventory valuation using the LIFO method has been solved in excel.
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