Instructions 1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 4, using the last-in, first-out method. 2. Determine the total sales, the total cost of merchandise sold, and the gross profit from sales for the period. 3. Determine the ending inventory cost on June 30, 2014.

The beginning inventory of merchandise at Dunne Co. and data on purchases and sales for a three-month period ending June 30, 2014, are as follows