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	90		$ 150		$ 13,500
8		Purchase	180		180		32,400
11		Sale	121		500		60,500
30		Sale	76		500		38,000
May 8		Purchase	150		200		30,000
10		Sale	90		500		45,000
19		Sale	45		500		22,500
28		Purchase	150		220		33,000
June 5		Sale	90		525		47,250
16		Sale	120		525		63,000
21		Purchase	270		240		64,800
28		Sale	135		525		70,875

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