LIFO Perpetual Inventory

The beginning inventory of merchandise at Dunne Co. and data on purchases and sales for a three-month period ending June 30 are as follows:

Date		Transaction	Number of Units		Per Unit		Total
Apr. 3		Inventory	78		$450		$35,100
8		Purchase	156		540		84,240
11		Sale	105		1,500		157,500
30		Sale	66		1,500		99,000
May 8		Purchase	130		600		78,000
10		Sale	78		1,500		117,000
19		Sale	39		1,500		58,500
28		Purchase	130		660		85,800
June 5		Sale	78		1,575		122,850
16		Sale	104		1,575		163,800
21		Purchase	234		720		168,480
28		Sale	117		1,575		184,275

Required:

1. Record the inventory, purchases, and cost of merchandise 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 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	Total Cost
Apr. 3								$	$
Apr. 8		$	$
Apr. 11					$	$
Apr. 30
May 8
May 10
May 19
May 28
June 5
June 16
June 21
June 28
June 30	Balances					$			$

2. Determine the total sales, the total cost of merchandise sold, and the gross profit from sales for the period.

Total sales	$
Total cost of merchandise sold
Gross profit	$

3. Determine the ending inventory cost on June 30. $