LIFO Perpetual Inventory The beginning inventory for 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 25 $1,200 $30,000 8 Purchase 1,240 93,000 11 Sale 2,000 80,000 30 Sale 2,000 60,000 May 8 Purchase 1,260 75,600 10 Sale 2,000 100,000 19 Sale 2,000 40,000 28 Purchase 1,260 100,800 June 5 Sale 2,250 90,000 16 Sale 25 2,250 56,250 21 Purchase 1,264 44,240 28 Sale 2,250 99,000 Required: 1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory 28 Sale 44 2,250 99,000 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 Unit Total Date Quantity Unit Total Unit Quantity Cost Cost Quantity Cost Cost Cost Apr. Total Cost Apr. Apr. 11 Apr. 30 May May May May May 19 May 28 June June 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. Dedley Randolph Total sales Total cost of goods sold $ Gross profit 3. Determine the ending inventory cost on June 30. $ 6 more Check My Work uses remaining