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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

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 36 $525 $18,900
8 Purchase 72 630 45,360
11 Sale 48 1,750 84,000
30 Sale 30 1,750 52,500
May 8 Purchase 60 700 42,000
10 Sale 36 1,750 63,000
19 Sale 18 1,750 31,500
28 Purchase 60 770 46,200
June 5 Sale 36 1,840 66,240
16 Sale 48 1,840 88,320
21 Purchase 108 840 90,720
28 Sale 54 1,840 99,360

Required:

1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in Exhibit 3, 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.

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