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	66		$ 300		$ 19,800
8		Purchase	132		360		47,520
11		Sale	88		1,000		88,000
30		Sale	55		1,000		55,000
May 8		Purchase	110		400		44,000
10		Sale	66		1,000		66,000
19		Sale	33		1,000		33,000
28		Purchase	110		440		48,400
June 5		Sale	66		1,050		69,300
16		Sale	88		1,050		92,400
21		Purchase	198		480		95,040
28		Sale	99		1,050		103,950

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
	Purchases			Cost of Goods Sold			Inventory
Date	Quantity	Unit Cost	Total Cost	Quantity	Unit Cost	Total Cost	Quantity	Unit Cost	Total Cost
Apr. 3								$	$
Apr. 8		$	$
Apr. 11					$	$
Apr. 30
May 8
May 10
May 19
May 28
June 5
June 16
June 21
June 28
June 30	Balances					$			$

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

Total sales	$
Total cost of goods sold	$
Gross profit from sales	$

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