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 8 Purchase 72 $150 $10,800 180 25,920 11 Sale 96 500 48,000 30 Sale 60 500 30,000 May 8 Purchase 120 200 24,000 10 Sale 500 36,000 19 Sale 36 500 18,000 28 Purchase 120 220 26,400 June 5 Sale 72 525 37,800 16 Sale 96 525 50,400 21 Purchase 216 240 28 Sale 108 51,840 56,700 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 Purchases Purchases Purchases Cost of Goods Sold For the Three Months Ended June 30 Cost of Goods Sold Cost Date Quantity Unit Cost Total Cost Quantity Unit Cost Goods Sold Total Cost Inventory Quantity Inventory Unit Cost Inventory 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 goods sold for the period. Journalize summary entries for the sales and corresponding cost of goods sold for the period. Assume that all sales were account. If an amount box does not require an entry, leave it blank. Description Accounts Receivable Record sale Sales Debit Credit Record cost Cost of Goods Sold Inventory 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? Lower