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 72 $525 $37,800 8 Purchase 144 630 90,720 11 Sale 96 1,750 168,000 30 Sale 60 1,750 105,000 May 8 Purchase 120 700 84,000 10 Sale 72 1,750 126,000 19 Sale 36 1,750 63,000 28 Purchase 120 770 92,400 June 5 Sale 72 1,840 132,480 16 Sale 96 1,840 176,640 21 Purchase 216 840 181,440 28 Sale 108 1,840 198,720 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 For the Three Months Ended June 30 Cost of Goods Sold Purchases Date Quantity Unit Cost Total Cost Quantity Apr. 3 Unit Cost Inventory Total Cost Quantity Unit Cost Total Cost Apr. 8 Apr. 11 Apr. 301 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 accounts. Assume that all sales were on account. If an amount box does not require an entry, leave it blank. Record sale Record cost