1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory, 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.

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.

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