LIFO perpetual inventory The beginning inventory for Dunne Co. and data on purchases and sales for a three-month period are as follows: 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, 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 colur unit cost first in the Inventory Unit cost column. vorne Co. Schedule of Cost of Goods Sold LFo Method For the Three Months Ended June 30 2. Determine the total sales, the total cost of goods sold, and the gross profit from sales for the period. 3. Determine the ending inventory cost on June 30