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

$84$

$$450$

$$37,800$

$8$

Purchase

$168$

$540$

$90,720$

$11$

Sale

$113$

$1,500$

$169,500$

$30$

Sale

$71$

$1,500$

$106,500$

May $8$

Purchase

$140$

$600$

$84,000$

$10$

Sale

$84$

$1,500$

$126,000$

$19$

Sale

$42$

$1,500$

$63,000$

$28$

Purchase

$140$

$660$

$92,400$

June $5$

Sale

$84$

$1,575$

$132,300$

$16$

Sale

$112$

$1,575$

$176,400$

$21$

Purchase

$252$

$720$

$181,440$

$28$

Sale

$126$

$1,575$

$198,450$

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.