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 90 $450 $40,500 8 Purchase 97,200 11 Sale 181,500 540 1,500 1,500 600 30 Sale 114,000 May 8 Purchase 90,000 10 Sale 1,500 135,000 19 Sale 67,500 1,500 660 150 28 June 5 Purchase Sale 99,000 141,750 1,575 16 Sale 1,575 189,000 720 194,400 21 Purchase 28 Sale 1,575 212,625 Required: 1. Record the inventory purchases, and cost of merchandise old data in a perpetual Inventory record similar to the one illustrated in Bibit using the last in, first-out method. Under uro, units are la 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 Schedule of Cost of Merchandise Sold LIFO Method for the three months ended June 30 Cost of Merchandise Quantity Unit Cost Total Gest - Dute Quantity Total Cost Quantity Apr. Apr. 3o Previous Next > hapter 7 Homework Show Me Home Show Me How Color lune 30 Taulances 2. Determine the total sales, the total cost of merchandise sold, and the gross profit from sales for the period Total cost of merchandise old crom proth Determine the ending inventory cost on 30