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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

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 36 $375 $13,500
8 Purchase 72 450 32,400
11 Sale 48 1,250 60,000
30 Sale 30 1,250 37,500
May 8 Purchase 60 500 30,000
10 Sale 36 1,250 45,000
19 Sale 18 1,250 22,500
28 Purchase 60 550 33,000
June 5 Sale 36 1,315 47,340
16 Sale 48 1,315 63,120
21 Purchase 108 600 64,800
28 Sale 54 1,315 71,010

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 from sales $

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

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