FIFO Ferpetual Inventory The beginning Inventory at Dunne Co. and daca on purchases and sales for a three-month period ending June 30 are as follows: Required: 1. Record the inventary, purchases, and cost of merchandise sold dato in o perpetisal invontory record similar to the one illustrated in Exhibit. 3 , using the first-in, first-out method. Under Fro, 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 colurnn and in the Inventory unit cost columh. Dunne Co. Dunne Co. Schedule of Cost of Goods Soid FuFo Method For the Three Mentha Ended June 30 \begin{tabular}{|c|c|c|c|c|c|c|c|c|c|} \hline Dote & \begin{tabular}{l} Purchases \\ Quantly \end{tabular} & \begin{tabular}{l} Purehasen \\ Unit Cost \end{tabular} & \begin{tabular}{l} Purchases: \\ Total Cost \end{tabular} & \begin{tabular}{c} Coet of Goods Sold \\ Qusntity \end{tabular} & \begin{tabular}{l} Cont of Goods Sold \\ Unit Cent \end{tabular} & \begin{tabular}{c} Cont of Goode Sald \\ Totel Cont \end{tabular} & \begin{tabular}{l} Imventory \\ Quantity \end{tabular} & \begin{tabular}{l} Inventory \\ Unit Cost \end{tabular} & \begin{tabular}{l} Inventory \\ Total Coot \end{tabular} \\ \hline Apr 3 & * & & & & & & 48 & 375 & 16,000 \\ \hline Apt: 8 & 96 & 450 & 43,200 & & & & 48 & 375 & 18,000 \\ \hline & & & & & & & 96 & 450 & 43,200 \\ \hline Ast 11 & & & & 48 & 375 & 18,000 & 96 & 460 & 43,200 \\ \hline Apc30 & & & & 40 & & & & & \\ \hline May I & & & & & & & & & \\ \hline Mor 10 & & & & & & & & & \\ \hline Muy is & & & & , & & & & & \\ \hline May 2 e & = & & & & 18 & & & & \\ \hline Jures & & & & & & & & & \\ \hline Whe is & & & & & & & & & \\ \hline Jane 2! & & & & & & & & & \\ \hline \end{tabular} 2. Detarmine the gross profit fraen sule for the penod. 4. Detamine the meing inventary cost as of Juen 30 5. Feted upan the prearding dath, would rou expect the ending impentacy using the taskin, fint-ouk method to be higher or lower