1. The beginning inventory at Dunne Co. and data on purchases and sales for a three-month period are as follows:

   Date		Transaction	Number of Units		Per Unit		Total
   Apr. 3		Inventory	48		$ 225		$ 10,800
   8		Purchase	96		270		25,920
   11		Sale	64		750		48,000
   30		Sale	40		750		30,000
   May 8		Purchase	80		300		24,000
   10		Sale	48		750		36,000
   19		Sale	24		750		18,000
   28		Purchase	80		330		26,400
   June 5		Sale	48		790		37,920
   16		Sale	64		790		50,560
   21		Purchase	144		360		51,840
   28		Sale	72		790		56,880

   Required:

   1. Record the inventory, purchases, and cost of goods 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 Goods Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column.

   Dunne Co. Schedule of Cost of Goods Sold LIFO Method For the Three Months Ended June 30
   	Purchases			Cost of Goods 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 goods sold, and the gross profit from sales for the period.

   Total sales	$
   Total cost of goods sold	$
   Gross profit from sales	$

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