2. Determine the total sales and the total cost of goods sold for the period. Journalize the entries in the sales and cost of goods sold accounts. Assume that all sales were on account. If an amount box does not require an entry, leave it blank Record sale Record cost 3. Determine the gross profit from sales for the period. 4. Determine the ending inventory cost as of June 30. 5. Based upon the preceding data, would you expect the ending inventory using the last-In, first-out method to be higher or lower Previous Next 11. PR.06.07.ALGO (Algorithmie) FIFO Perpetual Inventory The beginning inventory at Dunne Co. and data on purchases and sales for a three-month period ending June 30 are as follows: Number Date Transaction of Units Per Unit Total Apr. 3 Inventory 72 $375 $27,000 8 Purchase 144 450 64,800 11 Sale 96 1,250 120,000 https://2.congegenow.comiltakeAssignment/printUntakenAssignment.do?assignmendid -3247706 7/11 60 120 72 36 30 Sale May 8 Purchase 10 Sale 19 Sale 28 Purchase June 5 Sale 16 Sale 21 Purchase 28 Sale 120 72 96 1,250 75,000 500 60,000 1,250 90,000 1,250 45,000 550 66,000 1,315 94,680 1,315 126,240 600 129,600 1,315 142,020 216 108 Required: 1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 3, using the first-in, first-out method. Under FIFO, If units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Goods Sold Unit Cost column and in the Inventory Unit Cost column. Dunne Co. 1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit, using the first in, first-out method. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit 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. 3 $ Apr. 8 Apr 11 Apr. 30 May B May 10 May 19 May 28 June 5 June 16 June 21 June 28 June 30 Balances $ https://V2.ceng gonew.convintake Assignmerprint henAssignment.do?assignmentid-3247706 8/11