UFO 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: Number Date Transaction Per Unit Total of Units Apr. 3 Inventory $450 $16,200 8 Purchase 540 38,880 11 Sale 30 Sale 1,500 1,500 600 1,500 May 8 Purchase 60 10 Sale 19 Sale 1,500 72,000 45,000 36,000 54,000 27,000 39,600 56,700 75,600 77,760 85,050 28 Purchase 660 1,575 1,575 June 5 16 21 28 Sale Sale Purchase Sale 720 1,575 54 Required: Check My Work Previous Next ebook Show Me How Calculator 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 UFO, 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 Dunne Schedule of Cost of Marchandise Sold LIFO Method For the three-months anded June 30 Cost of Merchandise Sold Quantity Unit Cost Total Cost Purchases Quantity Unit Cost Total Cost Quantity Apr. 3 Apr. My Won De 2. Determine the total sales, the total cost of merchandise sold, and the gross pront from sales for the period. Total sales Total cost of merchandise sold Gross profit 3. Determine the ending inventory cost on June 30