Chapter 06 Homework FIFO Perpetual Inventory The beginning inventory at Dunne Co. and data on purchases and sales for a three-month period ending June 30 are as follows: Date: Apr. 3. Transaction. Inventory Number of Units Per Unit Total 48 $225 $10,800 8 Purchase 96 270 25,920 11 Sale 64 750 48,000 30 Sale 40 750 30,000 May 8 Purchase 80 300 24,000 10 Sale 48 750 36,000 19 Sale 24 750 18,000 28 Purchase 80 330 26,400 June 5 Sale 48 790 37,920 16 Sale 64 790 50,560 21 Purchase 144 360 51,840 28 Sale 72 790 56,880 Required: 1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 3, using the first-in, first-out method. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Goods Sold Unit Cost column and in the Inventory Unit Cost column. Check My Work Next