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? https://v2.cengagenow.com/ilm/takeAssignment/takeAssignmentMain.do?invoker-assignm Ch. 6 Homework eBook Show Me How Calculator Print Item LIFO Perpetual Inventory The beginning inventory at Dunne Co. and data on purchases and sales for a three-month period are as follows: Number Date Transaction of Units Per Unit Total 90 180 121 Apr. 3 Inventory $525$47,250 630 113,400 1,750 211,750 76 1,750 133,000 700 105,000 90 1,750 157,500 8 Purchase 11 Sale 30 Sale May 8 Purchase 10 Sale 19 Sale 150 45 1,75078,750 150 770 115,500 90 1,840 165,600 120 1,840 220,800 840 226,800 135 1,840 248,400 28 Purchase June 5 Sale 16 Sale 21 Purchase 28 Sale 270 Required 1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in Exhibit 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 Dunne Co. Schedule of Cost of Goods Sold

Explanation / Answer

STATEMENT SHOWING INVENTORY RECORD UNDER PERPETUAL LIFO METHOD RECIEPTS COST OF GOODS SOLD BALANCE DATE UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ 3-Apr 90 525 47250 8-Apr 180 630 113400 90 525 47250 180 630 113400 11-Apr 121 630 76230 90 525 47250 59 630 37170 30-Apr 59 630 37170 17 525 8925 73 525 38325 8-May 150 700 105000 73 525 38325 150 700 105000 10-May 90 700 63000 73 525 38325 60 700 42000 19-May 45 700 31500 73 525 38325 15 700 10500 28-May 150 770 115500 73 525 38325 15 700 10500 150 770 115500 5-Jun 90 770 69300 73 525 38325 15 700 10500 60 770 46200 16-Jun 60 770 46200 15 700 10500 45 525 23625 28 525 14700 21-Jun 270 840 226800 28 525 14700 270 840 226800 28-Jun 135 840 113400 28 525 14700 135 840 113400 TOTAL 750 560700 677 479850 163 128100 Req 2: Total sales 1215800 (211750+133000+157500+78750+165600+220800+248400) Less: Cost of Goods sold 479850 Gross profit 735950 Req 3: Cost of Ending Inventory: $ 128100

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