Question Content Area LIFO perpetual inventory The beginning inventory at Dunne Co. and data on...
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Question Content Area 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 $225 $12,150
8 Purchase 108 270 29,160
11 Sale 72 750 54,000
30 Sale 45 750 33,750
May 8 Purchase 90 300 27,000
10 Sale 54 750 40,500
19 Sale 27 750 20,250
28 Purchase 90 330 29,700
June 5 Sale 54 790 42,660
16 Sale 72 790 56,880
21 Purchase 162 360 58,320
28 Sale 81 790 63,990
Required: 1. 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.
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