11 FIFO perpetual Inventory The beginning inventory at Ounce Co. and data on purchases and sales for a three-month penod ending June 30 are as follows Number Date Transaction of Units Per Unit Total Apr 3 Inventory 66 $150 $9.900 B Purchase 132 180 23,760 Sale 88 500 44,000 30 Sale 55 500 27,500 May Purchase 110 200 22.000 10 66 500 33,000 33 500 16,500 28 Purchase who 220 24,200 Jones Sale 525 34,650 16 Sale BR 525 46,200 21 Purchase 190 28 Sale 99 51.975 Required Sale 1. necord the fory. DU, and cont of merchandise word data in a perpetual inventary record similar to the one sted in anger, fritur method. ponts Inventory at two different contenter the unit with the LOWER UNE cost first in the Cost of Goods Sold unit cost com and in the lovestory Une Cost column Dunne Co. Schedule of Cost of Good Sold FIFO Method For the Three Months Ended June 30 1. Record the inventory. Durchases, and cost of merchandise old date in a perpetual inventory record similar to the one illustrated in Exibit, using the first in, first-out method Under Firo, units are in Inventory at two different costs, enter the units with the LOWER un cost first in the cost of Goods Sold Unit Cost column and in the inventory Unit Cost column. Dunne Co Schedule of Cost of Goods Sold FIFO Method For the Three Months Ended June 30 Purchases Cost of Goods Sold Inventory Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Apr. 66 150 9,900 66 150 9,900 ADES 132 180 23,760 132 180 23.760 6G 150 9,900 Apr 11 110 100 23,760 22 100 3,960 Apt, 30 55 180 9,900 SS 180 9,900 May May 10 May 19 = May 20 SON MROW Printem May 28 - 1 I Juce 5 Dune 16 June 21 June 28 June 30 Balances 2. Determine the total sales and the total cost of goods sold for the period. Journalue the entries in the sales and cost of goods sold accounts. Assume that all sales were on account Record sale Record Cost 3. Determine the gross profit from sales for the period. 4. Determine the ending Inventory.cost as of June 30 Based on the preceding data would you expect the ending inventory using the lasting to method to be higher or lower)