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: Number Date Transaction Per Unit Total of Units Apr. 3 Inventory 72 $450 $32,400 8 Purchase 144 540 77,760 11 Sale 96 1,500 144,000 30 Sale 60 1,500 90,000 May 8 Purchase 120 600 72,000 72 1,500 10 Sale 108,000 1,500 19 Sale 36 54,000 79,200 660 28 Purchase 120 1,575 113,400 Sale 72 June 5 151,200 Sale 96 1,575 16 720 155,520 Purchase 216 21 170,100 108 1,575 Sale 28 1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one ilustrated in Exhibit 4, using the last-in, first-out method. Under LIFO, if 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 Inventory Cost of Merchandise Sold Purchases Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Unit Cost Quantity Date Apr. 3 Apr. 8 Apr. 11 Apr. 30 May 8 May 10 May 19 May 28 June 5 June 16 |June 21 June 28 Balances June 30 2. Determine the total sales, the total cost of merchandse sold, and the gross proft from sales for the period Total sales Total cest of merchandise sold Gress profit 3. Determine the ending inventory cost on June 30 Chk My Wok Previo Assignment Sore 24 76% ve ad Submit Assignment w MacBook Air esc 110 $ 4 % A & 1 2 3 6 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: Number Date Transaction Per Unit Total of Units Apr. 3 Inventory 72 $450 $32,400 8 Purchase 144 540 77,760 11 Sale 96 1,500 144,000 30 Sale 60 1,500 90,000 May 8 Purchase 120 600 72,000 72 1,500 10 Sale 108,000 1,500 19 Sale 36 54,000 79,200 660 28 Purchase 120 1,575 113,400 Sale 72 June 5 151,200 Sale 96 1,575 16 720 155,520 Purchase 216 21 170,100 108 1,575 Sale 28 1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one ilustrated in Exhibit 4, using the last-in, first-out method. Under LIFO, if 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 Inventory Cost of Merchandise Sold Purchases Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Unit Cost Quantity Date Apr. 3 Apr. 8 Apr. 11 Apr. 30 May 8 May 10 May 19 May 28 June 5 June 16 |June 21 June 28 Balances June 30 2. Determine the total sales, the total cost of merchandse sold, and the gross proft from sales for the period Total sales Total cest of merchandise sold Gress profit 3. Determine the ending inventory cost on June 30 Chk My Wok Previo Assignment Sore 24 76% ve ad Submit Assignment w MacBook Air esc 110 $ 4 % A & 1 2 3 6
