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:

Date		Transaction	Number of Units		Per Unit		Total
Apr. 3		Inventory	54		$525		$28,350
8		Purchase	108		630		68,040
11		Sale	72		1,750		126,000
30		Sale	45		1,750		78,750
May 8		Purchase	90		700		63,000
10		Sale	54		1,750		94,500
19		Sale	27		1,750		47,250
28		Purchase	90		770		69,300
June 5		Sale	54		1,840		99,360
16		Sale	72		1,840		132,480
21		Purchase	162		840		136,080
28		Sale	81		1,840		149,040

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 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 Total Cost Purchases Inventory Unit Cost Date Quantity Unit Cost Total Cost Quantity Total Cost Apr. 3 $ Apr. 8 $ $ Apr. 11 Apr. 30 May 8 May 10 May 19 May 28 June 5 June 16 June 21 June 28 June 30 Balances $ 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 acco 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-out method to be higher or lower