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LIFOPerpetual 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	42		$450		$18,900
8		Purchase	84		540		45,360
11		Sale	56		1,500		84,000
30		Sale	35		1,500		52,500
May 8		Purchase	70		600		42,000
10		Sale	42		1,500		63,000
19		Sale	21		1,500		31,500
28		Purchase	70		660		46,200
June 5		Sale	42		1,575		66,150
16		Sale	56		1,575		88,200
21		Purchase	126		720		90,720
28		Sale	63		1,575		99,225

Required:

1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated inExhibit 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.

2. Determine the total sales, the total cost of merchandise sold, and the gross profit from sales for the period.

Total sales	$fill in the blank 114
Total cost of merchandise sold	fill in the blank 115
Gross profit	$fill in the blank 116

3. Determine the ending inventory cost on June 30. $fill in the blank 117

FIFOPerpetual 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	72		$150		$10,800
8		Purchase	144		180		25,920
11		Sale	96		500		48,000
30		Sale	60		500		30,000
May 8		Purchase	120		200		24,000
10		Sale	72		500		36,000
19		Sale	36		500		18,000
28		Purchase	120		220		26,400
June 5		Sale	72		525		37,800
16		Sale	96		525		50,400
21		Purchase	216		240		51,840
28		Sale	108		525		56,700

Required:

1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated inExhibit 3, using the first-in, first-out method. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Merchandise Sold Unit Cost column and in the Inventory Unit Cost column.

Dunne Co. Schedule of Cost of Merchandise Sold Firo Method For the three-months ended June 20 Determine the total sales and the total cost of merchandise sold for the period. Joumalize the entries in the sales and cost of merchandise sold accounts. Assume that ill sales were on account. - Determibe the gross profit from sales for the peried. x . Determine the ending inventery cost as of June 30. x