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 Number Transaction of Units Per Unit Total Apr. 3 Inventory 84 $600 $50,400 8 Purchase 168 720 120,960 11 Sale 112 2,000 224,000 30 Sale 70 2,000 140,000 May 8 Purchase 140 800 112,000 10 Sale 84 2,000 168,000 19 Sale 42 2,000 84,000 28 Purchase 140 8801 123,200 June 5 Sale 84 2,100 176,400 16 Sale 112 2,100 235,200 21 Purchase 28 Sale 252 960 241,920 Required: 126 2,100 264,600 1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated i Goods Sold Unit Cost column and in the Inventory Unit Cost column. Purchases Dunne Co. Schedule of Cost of Goods Sold FIFO Method For the Three Months Ended June 30 Cost of Goods Sold Inventory Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Apr. 3 Apr. 8 Apr. 11 Apr. 30 May Check My Work Assignment Score: 64.05% M Date Apr. 3 Apr. 8 Apr. 11 Apr. 30 May 8 May 10 May 19 May 28 June 5 June 16 June 21 Purchases Cost of Goods Sold Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Inventory 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 aca Record sale Record cost 3. Determine the gross profit from sales for the period. 4. Determine the ending inventory cost as of June 30. Check My Work signment Score: 64.65% 21 Ma