LIFO Perpetual Inventory The beginning inventory at Dunne Co. and data on purchases and sales for a three-month period are as follows: Number Date Transaction of Units Per Unit Total Apr. 3 Inventory $ 150 $ 12,600 Purchase 168 30,240 84 8 180 11 Sale 113 500 56,500 35,500 30 Sale 71 500 May 8 Purchase 140 200 28,000 10 Sale 84 500 42,000 21,000 19 Sale 42 500 28 Purchase 140 220 30,800 June 5 Sale 84 525 44,100 58,800 16 Sale 112 525 21 Purchase 252 240 60,480 28 Sale 126 525 66,150 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 84 $ 150 $ 12,600 84 150 12,600 Apr. 8 168 $ 180 $ 30,240 168 180 30,240 84 150 12,600 Apr. 11 113 180 $ 20,340 55 180 9,900 16 X 150 X 2,400 x Apr. 30 68 150 10,200 55 X 180 X 9,900 X 68 150 10,200 May 8 140 200 28,000 140 200 7 28,000 68 150 10,200 May 10 84 200 16,800 56 200 11,200 68 150 10,200 May 19 42 200 8,400 14 200 2,800 68 150 10,200 May 19 42 200 8,400 14 200 2,800 68 150 10,200 May 28 140 220 30,800 14 200 2,800 140 220 30,800 68 150 10,200 June 5 84 220 18,480 14 200 2,800 56 220 V 12,320 42 X 150 X 6,300 x June 16 14 200 2,800 26 150 3,900 56 x 220 x 12,320 X 26 150 3,900 June 21 252 240 60,480 252 240 60,480 26 150 3,900 June 28 126 240 30,240 126 240 30,240 June 30 Balances $ 127,980 $ 34,140 2. Determine the total sales, the total cost of goods sold, and the gross profit from sales for the period. Total sales 316,000 x $ 127,980 Total cost of goods sold Gross profit from sales 188,020 X 3. Determine the ending inventory cost on June 30. $ 34,140