Can someone give me a detailed FIFO and LIFO example. I have a test coming il soon and im still tryinf to understand it.

Chapter 6 Inventories Obj. 2, 3 PR 6-4B Periodic inventory by three methods tory. The beginning inventory for Dunne Co. and data on purchases and sales for a three-month 1,240 period are shown in Problem 6-1B. Instructions 1. Determine the inventory on June 30 and the cost of goods sold for the three-month period using the first-in, first-out method and the periodic inventory system. 2. Determine the inventory on June 30 and the cost of goods sold for the three-month period, using the last-in, first-out method and the periodic inventory system. 3. Determine the inventory on June 30 and the cost of goods sold for the three-month period, using the weighted average cost method and the periodic inventory system. (Round the weighted average unit cost to the dollar.) 4. Compare the gross profit and June 30 inventories using the following column headings: FIFO LIFO Weighted Average Sales Cost of goods sold Gross profit Inventory, June 30 Chapter 6 Inventories 327 blems: Series B 5214,474 PR 6-1B FIFO perpetual inventory Obj. 2, 3 The beginning inventory at Dunne Co, and data on purchases and sales for a three-month period ending June 30 are as follows: Number of Units EXCEL TEMPLATE - 40 Date Apr. 3 8 11 30 May 8 10 19 28 June 5 16 21 28 Transaction Inventory Purchase Sale Sale Purchase Sale Sale Purchase Sale Sale Purchase Sale Per Unit $1,200 1,240 2,000 2,000 1,260 2,000 2,000 1,260 2,250 2,250 1,264 2,250 Total $ 30,000 93,000 80,000 60,000 75,600 100,000 40,000 100,800 90,000 56,250 44,240 99,000 44 Instructions 1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated 2 Exhibit 3, using the first-in, first-out method. 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. 3. Determine the gross profit from sales for the period. 4. Determine the ending inventory cost on 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