eBook Show Me How Calculator FIFO Perpetual Inventory The beginning inventory of merchandise 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 $300 $18,000 8 Purchase 360 43,200 11 Sale 1,000 30 Sale 1,000 400 80,000 50,000 40,000 May 8 Purchase 10 Sale 60,000 30,000 1,000 1,000 440 1,050 Purchase 44,000 June 5 Sale 63,000 16 sale 1050 54.000 21 Purchase 480 86,400 94,500 1,050 Required: Oh My Work Next > 0 9 :10 ONLAR COLOSLUDIUL POSEBS --- eBook Show Me How Calculator Required: 1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one ilustrated in Exhibit 3, using the Tirst-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 Merchandise Sold Unit Cost column and in the Inventory Unit Cost column Dunne Co. Schedule of Cost of Merchandise Sold FIFO Method For the three months ended June 30 Cost of Merchandise Sold Quantity Unit Cost Total Cost Purchases Date Quantity Unit Cost Total Cost Quantity Unit Cost Apr. 8 Apr. 11 Apr. 30 Next > Check My Work 0 3 :30 S c ator-inprogress-false eBook Show Me How Calculator May 10 May 19 May 28 junes June 16 June 21 June 28 June 30 Balances m onocator &inprogress-false eBook Show Me HON Calculator June 21 June 2 June 30 Balances 2. Determine the total sales and the total cost of merchandise sold for the period. Journalire the entries in the sales and cost of merchandise sold accounts Assume that all sales were on account. Record sale Record cost 3. Determine the gross profit from sales for the period. 4. Determine the ending inventory cost as of June 30 initiate to be higher or lower? 5. Based upon the preceding data, would you expect the inventory using the O y Work 03:30 HDMI acer