FFo 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: Required: 1. Record the inventory, purchases, and cost of goods 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 defferent 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. 2. Determine the total sales and the total cost of goods sold for the period. Joumalize summary entries for the sales and corresponding cost of goods sold for the period. Assume that all saies were on account. If an amount box does not requite an entry, leave it blank. 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 imventory using the iast-in, firat-out mathod to be higher or lower? bds sold data in a perpetual inventory record similar to the one iliustrated in Exhibit 3, hits are in inventory at two different costs, enter the units with the LOWER unit cost first. he Inventory Unit Cost column. poos spid for the penod. Joumalire summary entries for the sales and corresponding cost fere on accounc. If an amount box does not require an entry, leave it blank