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 25 $1,200 $30,000 8 Purchase 75 1,240 93,000 11 Sale 40 2,000 80,000 30 Sale 30 2,000 60,000 May & Purchase 60 1,260 75,000 10 Sale 50 2,000 100,000 19 Sale 20 2,000 40,000 28 Purchase 80 1,260 100,800 June 5 Sale 40 2,250 90,000 16 Sale 25 2,250 56,250 21 Purchase 35 1,264 44,240 28 Sale Required: 44 2,250 99,000 1. Record the inventory, purchases, and cost of goods 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 For the Three Months Ended June 30 Date Purchases Quantity Purchases Unit Cost Purchases Total Cost Cost of Goods Sold Quantity Apr. 3 Apr. 8 Apr. 11 Cost of Goods Sold Unit Cost Cost of Goods Sold Total Cost Inventory Quantity Inventory Inventory Unit Cost Total Cost 00 0000 Apr. 11 Apr 30 May 8 May 10 May 19- May 28 June 5 June 16 June 21 June 28 | 0 0 000 00 0 0000 0000 0000 000 10 0000 0000 June 30 Balances 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 3. Determine the gross profit from sales for the period. Debit Credit May 10 May 19 May 28 June 5 June 16. June 21 June 20 0.0 000 TUU 00 000 000 ] 0000 0000 000 000 000 June 30 Balances 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 on 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?