LIFO Perpetual Inventory The beginning inventory for Dunne Co. and data on purchases and sales for a three-month period are as follows: Number of Units Date Transaction Per Unit Total Apr. 3 Inventory 25 $1,200 1,240 8 Purchase 11 Sale 2,000 30 Sale $30,000 93,000 80,000 60,000 75,600 100,000 40,000 May 8 2,000 1,260 2poo 2,000 Purchase 10 Sale 19 28 Sale Purchase 1,260 100,800 June 5 Sale 90,000 Sale 56,250 16 21 2,250 2,250 1,264 2,250 Purchase 44,240 28 Sale 99,000 equired: Required: 1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one strated in Exhibit 4, using the last-in, first-out method. Under LIPO, If units are in inventory at two different costs, enter the units with the HIGHER unit cost first in the cost of Merchandise Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column Dunne Co. Schedule of Cost of Merchandise Sold LIFO Method For the three-months ended June 30 Purchases Cost of Merchandise Sold Inventory Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Apr. 3 1,200 25 1,200 Apr. $1,264 93,000 1.240 V 60 x 1.200 |Apr. 2 50 X 1.240 1.200 60 x 1.240 2,200