Chapter 6 eBook Show Me How Calculator Print Item 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 of Units Date Transaction Per Unit Total Apr. 3 Inventory 84 $525 $44,100 8 Purchase 168 630 105,840 11 Sale 112 1,750 196,000 30 Sale 70 1,750 122,500 May 8 Purchase 140 700 98,000 147,000 10 Sale 84 1,750 19 Sale 42 1,750 73,500 28 Purchase 140 770 107,800 June 5 Sale 84 1,840 154,560 16 Sale 112 1,840 206,080 21 Purchase 252 840 211,680 231,840 28 Sale 126 1,840 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 Chapter 6 eBook Show Me How Calculator Print Item 28 6307 17,640 Apr. 30 70 630 44,100 70 630 44,100 70 630 44,100 May 8 140 700 98,000 140 700 98,000 70 630 44,100 May 10 700 700 May 19 42 700 29,400 700 700 May 28 140 770 107,800 140 770 107,800 June 5 700 770 June 16 770 770 770 June 21 252 840 211,680 252 840 211,680 770 June 28 840 840 June 30 Balances 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 Accounts Receivable Sales Record cost Cost of Goods Sold Inventory 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? Lower