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		Transaction	Number of Units		Per Unit		Total
Apr. 3		Inventory	66		$225		$14,850
8		Purchase	132		270		35,640
11		Sale	88		750		66,000
30		Sale	55		750		41,250
May 8		Purchase	110		300		33,000
10		Sale	66		750		49,500
19		Sale	33		750		24,750
28		Purchase	110		330		36,300
June 5		Sale	66		790		52,140
16		Sale	88		790		69,520
21		Purchase	198		360		71,280
28		Sale	99		790		78,210

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