LIFO perpetual Inventory

The beginning inventory of merchandise at Dunne Co. and data on purchases and sales for three month period ending June 30 are as follows:

Date Transaction Number of Units Per Unit Total Apr. 3 Inventory 36 $225 $8,100 8 Purchase 72 270 19,440 11 Sale 48 750 36,000 30 Sale 30 750 22,500 May 8 Purchase 60 300 18,000 10 Sale 36 750 27,000 19 Sale 18 750 13,500 28 Purchase 60 330 19,800 June 5 Sale 36 790 28,440 16 Sale 48 790 37.920 Purchase 108 360 38,880 28 Sale 54 790 42.660 Required: 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, 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 Previous Check My Work 5 more Check My Work uses remaining Method For the thing months ended on to Cost of Merchandise Sold Quantity Unit Cost Total Cost Purchases Inventory Total Cast tait Cost Quantity Quantity Unit Cost Total Cost 36 225 8,100 |Apr. 3 |Apr, a Apr. 11 Apr. 30 May i TIL DI 10 May to May 19 Previous Check My Work 5 mon check wy Work userning May 19 LT May 28 June 5 June 16 June 21 June 28 June Balances 2. Determine the total sales, the total cost of merchandise sold, and the gross profit from sales for the Previous Check My Work 5 more Check My Workestering hop 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. Check My Work 5 more Check My Work uses remaining hp 3 5 6 7 W E R T S D F G H 3