FIfo Pernetual Inventory The beginning inventory at Dunne Co. and data on purchases and males for a three-month period ending June 30 are as follows: 1. Record the linventory, purchases, and cost of mierchisndise sald dats in a perpetual intientory record similar to the one ilintrated in inventory at two different costs, enter the units with the LOWER unt cost first in the Cost af Goods Sold Unit Cost column and in the Inventory Unis Cast column. 2. Determine the total stales and the total cost of goods sold for the period. Joumalize sumtimarv entivies for the sales and corresponding cost of goods sold for the period. Assume that al seles were on acctunt.. If an amount bok does not require an entry. leave it blank. 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 lantanh, fistrout methed to be higher or lawer