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 42 $225 $9,450 8 Purchase 84 270 22,680 11 Sale 56 750 42,000 30 Sale 35 750 26,250 May 8 Purchase 70 300 21,000 10 Sale 42 750 31,500 19 Sale 21 750 15,750 28 Purchase 70 330 23,100 June 5 Sale 42 790 33,180 16 Sale 56 790 44,240 21 Purchase 28 Sale 126 360 45,360 63 790 49,770 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. For the Three Months Ended June 30 Quantity Cost of Goods Sold Unit Cost Cost of Goods Sold Total Cost Purchases Purchases Date: Quantity Unit Cost Purchases Total Cost Cost of Goods Sold Apr. 3 Apr. 8 Apr. 11 Apr. 30 May 8 May 10 May 19 May 28 June 5 June 16 June 21 LT 400 000 000 000 00 Inventory Quantity 100000 1000 1000 Inventory Unit Cost 1000 1001 100 Inventory Total Cost 2. Determine the total sales and the total cost of 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 on account. If an amount box does not require an entry, leave it blank. Record sale Record cost Description Debit Credit 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?