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 of Units Date Transaction Per Unit Apr. 3 Inventory 8 Purchase 11 30 Sale Sale May Purchase Sale Sale Total $13,500 32,400 60,000 37,500 30,000 45,000 22,500 33,000 47,250 63,000 64,800 70,875 28 Purchase June 5 Sale 16 Sale 21 Purchase 28 Sale 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. Dunne Co. Schedule of Cost of Goods Sold FIFO Method For the Three Months Ended June 30 Cost of Goods Sold Quantity Unit Cost Total Cost Purchases Unit Cost Inventory Unit Cost Quantity Total Cost Quantity Total Cost Date Apr. 3 Apr. B Apr. 11 Apr. 30 May 8 May 10 May 19 May 28 June 5 June 16 Chapter 06 Homework (Application) eBook Show Me How Calculator Printer 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. Record Record Cost 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