The beginning inventory of merchandise at Dunne Co. and data on purchases and sales for a three month period ending June 30 are as follows : date| transaction| #of units| per unit| total Apr 3 inventory 36 $225 $8,100 Apr 8 Purchase 72 $270 $19,440 Apr11 Sale 48 $750 $36,000 Apr30 Sale 30 $750 $22,500 May8 Purchase 60 $300 $18,000 May10 Sale 36 $750 $27,000 May19 Sale 18 $750 $13,500 May28 Purchase 60 $330 $19,800 Jun5 Sale 36 $790 $28,440 Jun16 Sale 48 $790 $37,920 Jun21 Purchase 108 $360 $38,880 Jun28 Sale 54 $790 $42,660 1. Record the inventory purchases and cost of merchandise sold data in a perpetual inventory records similar to the one illustrated an exhibit for using the last in first out method hundred LIFO if units are in inventory at two different costs enter the unit with a HIGHER unit cost first in the Cost of Merchandise Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column.
LIFO perpetual Inventory
The beginning inventory of merchandise at Dunne Co. and data on purchases and sales for a three month period ending June 30 are as follows :
date| transaction| #of units| per unit| total
Apr 3 inventory 36 $225 $8,100
Apr 8 Purchase 72 $270 $19,440
Apr11 Sale 48 $750 $36,000
Apr30 Sale 30 $750 $22,500
May8 Purchase 60 $300 $18,000
May10 Sale 36 $750 $27,000
May19 Sale 18 $750 $13,500
May28 Purchase 60 $330 $19,800
Jun5 Sale 36 $790 $28,440
Jun16 Sale 48 $790 $37,920
Jun21 Purchase 108 $360 $38,880
Jun28 Sale 54 $790 $42,660
1. Record the inventory purchases and cost of merchandise sold data in a perpetual inventory records similar to the one illustrated an exhibit for using the last in first out method hundred LIFO if units are in inventory at two different costs enter the unit with a HIGHER unit cost first in the Cost of Merchandise Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column.
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