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 54 $ 300 $ 16,200 8 Purchase 108 360 38,880 11 Sale 72 1,000 72,000 30 Sale 45 1,000 45,000 May 8 Purchase 90 400 36,000 10 Sale 54 1,000 54,000 19 Sale 27 1,000 27,000 28 Purchase 90 440 39,600 June 5 Sale 54 1,050 56,700 16 Sale 72 1,050 75,600 21 Purchase 162 480 77,760 28 Sale 81 1,050 85,050
Required:
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.