The beginning Inventory for Dunne Co. and data on purchases and sales for a three-month period are shown in Problem 7-1B.

1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit , using the LAST IN, FIRST OUT method.

The beginning inventory of merchandise at Dunne Co. and data on purchases and sales for a three-month period ending June 30, 2016, are as follows: Number of Units Per Unit Date Transaction Total Apr. 3 30,000 Inventory 1,200 75 93,000 Purchase 1,240 2,000 80,000 Sale 20 2,000 60,000 Sale May 8 75,600 Purchase 1,260 2,000 100,000 Sale 2,000 40,000 Sale 100,800 Purchase 1,260 2,250 June 5 Sale 90,000 2,250 56,250 Sale 1,264 44,240 Purchase 2,250 99,000 Sale