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 60 $150 $9,000 8 Purchase 120 180 21,600 11 Sale 80 500 40,000 30 Sale 50 500 25,000 May 8 Purchase 100 200 20,000 10 Sale 60 500 30,000 19 Sale 30 500 15,000 28 Purchase 100 220 22,000 June 5 Sale 60 525 31,500 16 Sale 80 525 42,000 21 Purchase 180 240 43,200 28 Sale 90 525 47,250 Required: 1. Record the inventory, purchases, and cost of merchandise 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 Merchandise Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column.

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: Date Transaction Number of Units Per Unit Total Apr. 3 Inventory $150 8 Purchase $9,000 21,600 40,000 11 Sale 30 Sale 25,000 20,000 May 8 Purchase 10 Sale 19 Sale 30,000 15,000 22,000 31,500 28 Purchase June 5 Sale 16 Sale 42,000 21 Purchase 43,200 47,250 Sale 90 525 1. Record the inventory, purchases, and cost of merchandise 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 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. Dunne Co. Schedule of Cost of Merchandise Sold LIFO Method For the three months ended June 30 Cost of Merchandise Sold Quantity Unit Cost Total Cost Purchases Unit Cost Date Quantity Total Cost Apr. 3 Apr. 8 120 180 $ Inventory Quantity Unit Cost Total Cost 60 $ 150 $ 9,000 601509,000 120 180 21,600 60 L 1509 ,000 40 1807 ,200 21,600 Apr. 11 Apr. 30 50 150 7,500 May 8 100 200 20,00 20,000 50 100 500 150 200 150 7,500 20,000 7,500 May 10 150 7,500 May 19 30 50 10 x L 150 7,500 May 28 100 22,000 x x 50 10 100 50D 22,000 220 150 7,500 June 5 x x x June 16 10 20 150 x x x T I 150 3,000 June 21 180 180 240 240 4 3,200 43,2007 20 180 43,200 240 150 3,000 June 28 20 90 x June 30 Balances 2. Determine the total sales, the total cost of merchandise sold, and the gross profit from sales for the period. Total sales $ 230,750 Total cost of merchandise sold Gross profit 3. Determine the ending inventory cost on June 30