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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. \$

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 Numberof 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 SoldLIFO MethodFor 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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