The beginning inventory for Dunne Co. and data on purchases and sales for a three-month period are shown in Problem 6-1B.

In Problem 6-1B

The beginning inventory of merchandise at Dunne Co. and data on purchases and sales for a three-month period ending June 30, 2016, are as follows:

Instructions
1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 5, using the last-in, first-out method.
2. Determine the total sales, the total cost of merchandise sold, and the gross profit from sales for the period.
3. Determine the ending inventory cost on June 30, 2016.

Number of Units Per Date ransaction Total $1,200 1,240 30,000 8 Purchase 11 Sale 30 Sale 75 80,000 60,000 2,000 May 8 Purchase 10 Sale 19 Sale 28 Purchase 60 50 20 80 2,000 2,000 1,260 2,250 2,250 1,264 2,250 100,000 40,000 100,800 June 5 Sale 16 Sale 21 Purchase 28 Sale 90,000 56,250 44,240 99,000