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	72		$ 150		$ 10,800
8		Purchase	144		180		25,920
11		Sale	96		500		48,000
30		Sale	60		500		30,000
May 8		Purchase	120		200		24,000
10		Sale	72		500		36,000
19		Sale	36		500		18,000
28		Purchase	120		220		26,400
June 5		Sale	72		525		37,800
16		Sale	96		525		50,400
21		Purchase	216		240		51,840
28		Sale	108		525		56,700

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.