Chapter 07 Homework (Application Book Show Me How LITO Perpetual Inventory The beginning Inventory of merchandise at Durne Co. and data on purchases and sales for a three-month perlod ending June 30 are as follows: Number Data Transaction Per Unit Total of Units Apr. 3 Inventary 60 $375 $22,500 54,000 120 450 8 8 Purchase 11 Sale 20 Sale 90 2.250 100,000 62,500 50 1,250 May & Purchase 100 500 50,000 75,000 10 Sale 60 1.250 19 Sale 30 1.250 37,500 28 Purchase 1on 550 55,000 June Sale 60 1,315 70,900 16 Sale 30 1.315 105, 200 21 Purchase 180 600 10A ano 28 Sale 90 1,315 110,350 Required 1. Record the inventary, Durchases, and cast of merchandise sold data in a perpetual inventory recard similar to the one illustrated in Exhibit 4, using the last in, first out methad. Under LIFO, if units are in inventory at twa different costs, enter the units with the HIGHER unit cost first in the Cost of Merchandise Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column. Dunne Co. Schedule of Cost of Merchandise Sald LIFO Method For the three-months ended June 30 Purchases Cost of Merchandise Sald Inventory Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Apr. 3 $ Apr. 8 120 450 54,000 Apr. 11 80 Dunne Co. Schedule of Cost of Merchandise Sold LIFO Method For the three-months ended June 30 Purchases Cost of Merchandise Sold Quantity Unit Cost Total Cost Inventory Unit Cost Date Quantity Unit Cost Total Cost Quantity Total Cost Apr. 3 Apr. 8 120 450 54,000 Apr. 11 80 Apr. 30 May 8 100 100 500 500 50,000 50,000 May 10 00 10 May 19 May 28 100 100 550 550 55,000 55,000 June 5 lunes 1 - - June 16 une 16 June 21 180 180 600 105,000 600 108,000 June 28 June 30 Balances 2. Determine the total sales, the total cost of merchandise sold, and the gross profit from sales for the period. Total sales Total cost of merchandise sold Gross profit 3. Determine the ending inventory cost on June 30