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. Under LIFO, if units are in inventory at two different costs, enter the units with the HIGHER unit cost first in the Cost of Goods Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column. Dunne Co. Schedule of Cost of Goods Sold 3. Determine the ending inventory cost on June 30. LFO perpetual inventory The beginning inventory at Dunne Co, and data on purchases and sales for a three-month period are as follows: eBook Show Me How May 10 May 19 May 28 June 5 June 16 June 21 June 28