LIFO perpetual inventory The beginning inventory at Dunne Co. and data on purchases and sales for a three-month period are as follows: Number Per Date Transaction of Units Unit Total $ Apr. 3 Inventory 72 $ 600 43,200 8 Purchase 144 720 103,680 11 Sale 96 2,000 192,000 60 2,000 120,000 30 Sale May 8 Purchase 120 800 96,000 10 Sale 19 Sale 72 2,000 144,000 36 2,000 72,000 120 880 105,600 28 Purchase June Sale 72 2,100 151,200 5 16 Sale 96 2,100 201,600 216 960 207,360 21 Purchase 28 Sale 108 2,100 226,800 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 Cost of Goods Sold Purchases Inventory Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost 72 $ 600 600 $ Apr. 3 72 600 Apr. 8 144 $ 720 $ 103,61 144 720 72 600 Apr. 11 96 $ 720 $ 69,12 48 720 48 720 34,56 Apr. 30 60 600 12 7,200 60 600 May 8 120 800 96,001 120 Correct 60 600 May 10 72 800 57,60 48 | | | 600 60 May 19 36 800 28,80 12 60 May 28 120 880 105,61 12 ID June 5 22 72 880 63,36 48 880 42,24 June 16 12 800 9,600 24 36 600 21,60 June 21 x 216 960 ( 207,3 DI June 28 960 103,6 June 30 Balances $ # 437,7 $ 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. $