Afo Perpetual Imentory The beginning inventory at bunne Co. and data on purchases and sales for a three-month period ending June 30 are as follows: Pequired: 1. Record the inventory, purthoses, and cost of merchandise sold data in a perpetual imventery record simular to the one illustrated in Exhibit 3 , using the firstein, first-out i Under IIfO, if units ate in iriventory 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 Ur Dunne Co. Schedule of Cost of Gockls Sold Fifo Method For the Three Months Ended June 30 that ail sales were of acceunt. af an amount box dees net requice ann ertry, lewe it blank. 1. Determuen the gross profa fiemen sales for the peried 4. Detertune the ending invemoey cost as of hunie 30 . 440 61,600 480 120,960 the total seles and the total cost of goode sod for the period journalize surmary entries for the sales and corresponditi cost of goods sold for the period. Assume Jere on accourte If an amosint bok does not. reqiare on entiy, leave in blark: e the gross profic from sales for the peind. Be the eroding inyentory cost as of June 34 . 5. Based upon the preceding data, would you expect the ending inventory using the last-in, first-out method to be higher or lower