Question

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		$450		$40,500
8		Purchase	180		540		97,200
11		Sale	121		1,500		181,500
30		Sale	76		1,500		114,000
May 8		Purchase	150		600		90,000
10		Sale	90		1,500		135,000
19		Sale	45		1,500		67,500
28		Purchase	150		660		99,000
June 5		Sale	90		1,575		141,750
16		Sale	120		1,575		189,000
21		Purchase	270		720		194,400
28		Sale	135		1,575		212,625

Required:

1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in Exhibit 3, 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.

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 as of June 30.
$

Answer 1