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 $225 8 Purchase 270 11 750 $14,850 35,640 66,000 41,250 33,000 Sale Sale Purchase Sale 30 May 8 10 49,500 19 Sale 24,750 28 Purchase 36,300 110 66 300 750 750 330 790 790 360 790 June 5 Sale 52,140 16 Sale 21 Purchase 28 Sale 69,520 71,280 198 78,210 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 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 8 11 $14,850 35,640 132 66,000 Inventory Purchase Sale Sale Purchase Sale $225 270 750 750 300 750 30 55 41,250 May 8 10 33,000 49,500 19 Sale 750 24,750 28 Purchase 36,300 June 5 Sale 52,140 Sale 330 790 790 360 790 16 21 28 69,520 Purchase Sale 71,280 78,210 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 Cost of Merchandise Sold Quantity Unit Cost Total Cost Inventory Purchases Unit Cost Date Quantity 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