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FIFO 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: Number Date Transaction of Units Per Unit Total Apr. 3 Inventory 78 $600 $46,800 Purchase 156 720 112,320 104 208,000 11 30 May 8 Sale Sale Purchase 65 130,000 130 2,000 2,000 800 2,000 2,000 104,000 10 Sale 78 156,000 39 78,000 130 880 114,400 19 28 June 5 16 21 Sale Purchase Sale Sale 78 163,800 104 218,400 2,100 2,100 960 2,100 Purchase 234 224,640 28 Sale 117 245,700 Required: Required: 1. Record the inventory, purchases, and cost of merchandise 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 different 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. Dunne Co. Schedule of Cost of Goods Sold FIFO Method For the Three Months Ended June 30 Cost of Goods Sold Quantity Unit Cost Purchases Inventory Date Quantity Unit Cost Total Cost Total Cost Quantity Unit Cost Total Cost Apr. 3 Apr. 8 96 x 630 x 0 Apr. 11 Apr. 30 May 8 May 10 May 19 May 28 June 5 Accounting numeric field June 16