LIFO perpetual inventory The beginning inventory for Dunne Co. and data on purchases and sales for...

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LIFO perpetual inventory The beginning inventory for Dunne Co. and data on purchases and sales for a three-month period are as follows: Number Date Transaction of Units Per Unit Total Apr. 3 Inventory 25 $1,200 $30,000 8 Purchase 75 1,240 93,000 11 Sale 40 2,000 80,000 30 Sale 30 2,000 60,000 May 8 Purchase 60 1,260 75,600 10 Sale 50 2,000 100,000 19 Sale 20 2,000 40,000 28 Purchase 80 1,260 100,800 June 5 Sale 40 2,250 90,000 16 Sale 25 2,250 56,250 21 Purchase 35 1,264 28 Sale 44 2,250 44,240 99,000 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 Date Purchases Quantity Purchases Purchases Unit Cost Total Cost Cost of Goods Sold Quantity For the Three Months Ended June 30 Cost of Goods Sold Unit Cost Cost of Goods Sold Total Cost Inventory Quantity Inventory Unit Cost Inventory Total Cost Apr. 3 Apr. 8 25 1,200 30,000 75 1,240 93,000 25 1,200 30,000 75 1,240 93,000 Apr. 11 40 1,240 49,600 25 1,200 30,000 35 V Apr. 30 30 1,240 37,200 25 May 8 May 10 May 19 May 28 60 1,260 75,600 80 1,260 100,800 40 X II 25 1,260 1,240 100 1,260 63,000 00 0000 LIFO perpetual inventory The beginning inventory for Dunne Co. and data on purchases and sales for a three-month period are as follows: Number Date Transaction of Units Per Unit Total Apr. 3 Inventory 25 $1,200 $30,000 8 Purchase 75 1,240 93,000 11 Sale 40 2,000 80,000 30 Sale 30 2,000 60,000 May 8 Purchase 60 1,260 75,600 10 Sale 50 2,000 100,000 19 Sale 20 2,000 40,000 28 Purchase 80 1,260 100,800 June 5 Sale 40 2,250 90,000 16 Sale 25 2,250 56,250 21 Purchase 35 1,264 28 Sale 44 2,250 44,240 99,000 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 Date Purchases Quantity Purchases Purchases Unit Cost Total Cost Cost of Goods Sold Quantity For the Three Months Ended June 30 Cost of Goods Sold Unit Cost Cost of Goods Sold Total Cost Inventory Quantity Inventory Unit Cost Inventory Total Cost Apr. 3 Apr. 8 25 1,200 30,000 75 1,240 93,000 25 1,200 30,000 75 1,240 93,000 Apr. 11 40 1,240 49,600 25 1,200 30,000 35 V Apr. 30 30 1,240 37,200 25 May 8 May 10 May 19 May 28 60 1,260 75,600 80 1,260 100,800 40 X II 25 1,260 1,240 100 1,260 63,000 00 0000