Business, 24.04.2020 20:34, melaniaviles

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 Number of Units Per Unit Total Apr. 3 Inventory 78 $450 $35,100 8 Purchase 156 540 84,240 11 Sale 105 1,500 157,500 30 Sale 66 1,500 99,000 May 8 Purchase 130 600 78,000 10 Sale 78 1,500 117,000 19 Sale 39 1,500 58,500 28 Purchase 130 660 85,800 June 5 Sale 78 1,575 122,850 16 Sale 104 1,575 163,800 21 Purchase 234 720 168,480 28 Sale 117 1,575 184,275 Required: 1. Record the inventory, purchases, and cost of merchandise 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 Merchandise Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column.

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LIFO Perpetual Inventory The beginning inventory of merchandise at Dunne Co. and data on purchases a...