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LIFO Perpetual Inventory 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 90   $ 150   $ 13,500   8   Purchase 180   180   32,400   11   Sale 121   500   60,500   30   Sale 76   500   38,000   May 8   Purchase 150   200   30,000   10   Sale 90   500   45,000   19   Sale 45   500   22,500   28   Purchase 150   220   33,000   June 5   Sale 90   525   47,250   16   Sale 120   525   63,000   21   Purchase 270   240   64,800   28   Sale 135   525   70,875     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. $

- November 14, 2022 - Edwin Tunner

LIFO Perpetual Inventory

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 90   $ 150   $ 13,500  
8   Purchase 180   180   32,400  
11   Sale 121   500   60,500  
30   Sale 76   500   38,000  
May 8   Purchase 150   200   30,000  
10   Sale 90   500   45,000  
19   Sale 45   500   22,500  
28   Purchase 150   220   33,000  
June 5   Sale 90   525   47,250  
16   Sale 120   525   63,000  
21   Purchase 270   240   64,800  
28   Sale 135   525   70,875  

 

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.
$ 

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