12. PR.06.02B.ALGO (Algorithmic) LIFO Perpetual Inventory The beginning inventory at Dunne Co. and data on purchases and sales for a three-month period are as follows: Number Date Transaction of Units Per Unit Total Apr. 3 Inventory 36 $ 525 $ 18,900 8 Purchase 72 630 45,360 11 Sale 48 1,750 84,000 30 Sale 30 1,750 52,500 May 8 Purchase 60 700 42,000 10 Sale 36 1,750 63,000 19 Sale 18 1,750 31,500 28 Purchase 60 770 46,200 June 5 Sale 36 1,840 66,240 16 Sale 48 1,840 88,320 21 Purchase 108 840 90,720 28 Sale 54 1,840 99,360 Required: 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. assionmentid=3247706 Dunne Co. Schedule of Cost of Goods Sold LIFO Method For the Three Months Ended June 30 Purchases Cost of Goods Sold Inventory Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Apr. 3 $ $ Apr. 8 $ $ $ Apr. 11 Apr. 30 May 8 May 10 May 19 May 28 June 5 June 16 June 21 June 28 June 30 Balances 2. Determine the total sales, the total cost of goods sold, and the gross profit from sales for the period, Total sales Total cost of goods sold $ Gross profit from sales $