LIFO Perpetual Inventory The beginning inventory at Dunne Co. and data on purchases and sales for a three-month period are as follows: 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 LFO, if units are in inventory at two different costs, enter the un its with the HIGHER unit cost first in the Cost of Goods Sold Unit Cost column and LowER nit cost first in the Inventory Unit Cost column. Schedule of Cost of Goods Sold LFo Method For the Three Months Ended June 30 3. Determine the ending inventory cost on June 30