LIFO perpetual inventory

The beginning inventory at Dunne Co$.$ and data on purchases and sales for a three$-$month period are as follows:

Date Transaction Number

of Units Per Unit Total

Apr. $3$ Inventory $84$ $$375$ $$31,500$

$8$ Purchase $16845075,600$

$11$ Sale $1131,250141,250$

$30$ Sale $711,25088,750$

May $8$ Purchase $14050070,000$

$10$ Sale $841,250105,000$

$19$ Sale $421,25052,500$

$28$ Purchase $14055077,000$

June $5$ Sale $841,315110,460$

$16$ Sale $1121,315147,280$

$21$ Purchase $252600151,200$

$28$ Sale $1261,315165,690$

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.

Dunne Co$.$

Schedule of Cost of Goods Sold

LIFO Method

For the Three Months Ended June $30$

Date Purchases

Quantity Purchases

Unit Cost Purchases

Total Cost Cost of Goods Sold

Quantity Cost of Goods Sold

Unit Cost Cost of Goods Sold

Total Cost Inventory

Quantity Inventory

Unit Cost Inventory

Total Cost

Apr. $3$ fill in the blank $1$ fill in the blank $2$ fill in the blank $3$

Apr. $8$ fill in the blank $4$ $fill in the blank $5$ $fill in the blank $6$ fill in the blank $7$ fill in the blank $8$ fill in the blank $9$

Apr. $8$ fill in the blank $10$ fill in the blank $11$ fill in the blank $12$

Apr. $11$ fill in the blank $13$ $fill in the blank $14$ $fill in the blank $15$ fill in the blank $16$ fill in the blank $17$ fill in the blank $18$

Apr. $11$ fill in the blank $19$ fill in the blank $20$ fill in the blank $21$

Apr. $30$ fill in the blank $22$ fill in the blank $23$ fill in the blank $24$ fill in the blank $25$ fill in the blank $26$ fill in the blank $27$

Apr. $30$ fill in the blank $28$ fill in the blank $29$ fill in the blank $30$

May $8$ fill in the blank $31$ fill in the blank $32$ fill in the blank $33$ fill in the blank $34$ fill in the blank $35$ fill in the blank $36$

May $8$ fill in the blank $37$ fill in the blank $38$ fill in the blank $39$

May $10$ fill in the blank $40$ fill in the blank $41$ fill in the blank $42$ fill in the blank $43$ fill in the blank $44$ fill in the blank $45$

May $10$ fill in the blank $46$ fill in the blank $47$ fill in the blank $48$

May $19$ fill in the blank $49$ fill in the blank $50$ fill in the blank $51$ fill in the blank $52$ fill in the blank $53$ fill in the blank $54$

May $19$ fill in the blank $55$ fill in the blank $56$ fill in the blank $57$

May $28$ fill in the blank $58$ fill in the blank $59$ fill in the blank $60$ fill in the blank $61$ fill in the blank $62$ fill in the blank $63$

May $28$ fill in the blank $64$ fill in the blank $65$ fill in the blank $66$

May $28$ fill in the blank $67$ fill in the blank $68$ fill in the blank $69$

June $5$ fill in the blank $70$ fill in the blank $71$ fill in the blank $72$ fill in the blank $73$ fill in the blank $74$ fill in the blank $75$

June $5$ fill in the blank $76$ fill in the blank $77$ fill in the blank $78$

June $5$ fill in the blank $79$ fill in the blank $80$ fill in the blank $81$

June $16$ fill in the blank $82$ fill in the blank $83$ fill in the blank $84$ fill in the blank $85$ fill in the blank $86$ fill in the blank $87$

June $16$ fill in the blank $88$ fill in the blank $89$ fill in the blank $90$

June $16$ fill in the blank $91$ fill in the blank $92$ fill in the blank $93$

June $21$ fill in the blank $94$ fill in the blank $95$ fill in the blank $96$ fill in the blank $97$ fill in the blank $98$ fill in the blank $99$

June $21$ fill in the blank $100$ fill in the blank $101$ fill in the blank $102$

June $28$ fill in the blank $103$ fill in the blank $104$ fill in the blank $105$ fill in the blank $106$ fill in the blank $107$ fill in the blank $108$

June $28$ fill in the blank $109$ fill in the blank $110$ fill in the blank $111$

June $30$ Balances $fill in the blank $112$ $fill in the blank $113$

$2.$ Determine the total sales, the total cost of goods sold, and the gross profit from sales for the period.

Line Item Description Amount

Total sales $fill in the blank $114$

Total cost of goods sold $fill in the blank $115$

Gross profit $fill in the blank $116$

$3.$ Determine the ending inventory cost on June $30.$

fill in the blank $1$ of $1$$LIFO perpetual inventory

The beginning inventory at Dunne Co$.$ and data on purchases and sales for a three$-$month period are as follows:

Required:

LOWER unit cost first in the Inventory Unit Cost column.

Dunne Co$.$

Schedule of Cost of Goods Sold

LIFO Method

For the Three Months Ended June $30$

Total cost of goods sold

Gross profit

Determine the ending inventory cost on June $30.$