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 66 $300 $19,800 8 Purchase 132 360 47,520 11 Sale 88 1,000 88,000 30 Sale 55 1,000 55,000 May 8 Purchase 110 400 44,000 10 Sale 66 1,000 66,000 19 Sale 33 1,000 33,000 28 Purchase 110 440 48,400 June 5 Sale 66 1,050 69,300 16 Sale 88 1,050 92,400 21 Purchase 198 480 95,040 28 Sale 99 1,050 103,950 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 Purchases 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 8 May 10 May 19 May 28 June 5 June 16June 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 Accounts Receivable Sales 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