Chapter 6 Exercises & Problems BOOK Perpetual Inventory The beginning inventory at ourne Co. and sota en purchases and sales for a three-month period ending June 30 are as follows: Number Data Transaction of Units Per Unit Total Apr Inventory 78 5150 $11,700 Purchase 156 180 28,080 11 Sale 104 500 52,000 30 Sole 500 32,500 May Purchase 130 200 26,000 10 75 500 39,000 19 Sale 39 500 19,500 20 Purcha 28.500 June 5 Sale 525 40,950 10 Sale 104 525 21 Purchase 234 240 56,100 26 Sale 117 525 61,425 Hequired: 1. Record the inventory.ports and cont of merchandise dita in perpetua inventory records to the one strated in Eshit using the first tistout method. Under Firo, units are in inventory at two different the units with the LOWER un cost est 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 Cost of Goods Sold Quantity Unit Cost Total Cost Purchase Inventory Unit Cost Date Quantity Unit Cost Total Cost Total Cost Quantity Apt. 3 - Apr. Apr. 11 1 Apr. 30 May 8 - 1 May 10 May 19 May 28 Nunes Tune 16 June 21 - 1 billi June 28 June 30 Balonces 2. Determine the total sales and the total cost of goods sold for the period. Journaitz the entries in the sales and cost of goods sold accounts. Assume that all sales were comuto does not require an entry leave it blank Record sale Record cost 3. Determine the gross prent from sales for the period 4. Determine the ending inventory costs of June 30 S. Based upon the preceding data, would you expect the ending inventory using the stiftet method to be higher or lower