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 Total Apr. 3 Inventory 78 $150 $11,700 8 Purchase 156 180 28,080 11 Sale 104 500 52,000 32,500 30 Sale 65 500 May 8 Purchase 130 200 26,000 10 Sale 78 500 39,000 19 Sale 39 500 19,500 Purchase 28 130 28,600 220 June 5 Sale 78 525 40,950 16 Sale 104 525 54,600 21 Purchase 234 240 56,160 28 Sale 117 525 61,425 Required: 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 Inventory Purchases Unit Cost Date Quantity Total Cost Quantity Unit Cost Total Cost Apr.3 Apr 8 Apt 11 Apr 30 Accounting numeric field May 0 May 10 May 19 May 20 June 5 June 16 June 21 June 20 June 30 Balances 2. Determine the total sales and the total cost of and furtha and 2. Determine the total sales and the total cost of goods sold for the period. Joumalize the entries in the sales and cost of goods sold accounts. Ass Record sale 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 lastin, first out method to be higher or lower