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 84 $225 $18,900 8 Purchase 168 270 45,360 11 Sale 112 750 84,000 30 Sale 70 750 52,500 May 8 Purchase 300 42,000 10 Sale 84 750 63,000 Sale 42 31,500 28 Purchase 140 330 46,200 June 5 Sale 84 790 66,360 16 Sale 112 790 88,480 21 Purchase 252 360 90,720 Sale 126 790 99,540 140 19 750 28 Recordeory, ourches and commercial de perpetrate the training the first to be inventory with the new LOWER the cost of Good Sold Contentory Unit Costum Dumne to Schedule Costed FIFO Mehed For the Three Mathe Ended June Purchase Castof Goods Try Bate Quantity Unit Com Total com Quantity Una com Total com Quantity ni Cout Total Cout AB A1 2. Determine the total sales and the total cost of goods sold for the period. Journalize the entries in the sales and cost of goods sold accounts. Assume that all sales were on account. If an amount box does not require an entry, leave it blank. Record sale Record cost 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 last in, first-cut method to be higher or lower