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 $225 $16,200 8 Purchase 144 270 38,880 11 Sale 96 750 72,000 30 Sale 60 750 45,000 May 8 Purchase 120 300 36,000 10 Sale 72 750 54,000 19 Sale 36 750 27,000 28 Purchase 120 330 39,600 June 5 Sale 72 790 56,880 16 Sale 96 790 75,840 21 Purchase 216 360 77,760 28 Sale 108 790 85,320 Required: 1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual Inventory record similar to the one illustrated in Exhibit), 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 Apr. 3 Apr. 8 Apr. 11 Apr 30 May B - - May 10 May 19 May 28 June 5 June 16 June 21 June 28 June 30 Balances UNDTUCUTUS Inventory Cost of Goods Sold Total Cost Unit Cost Total Cost Unit Cost Quantity 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. Assume that all sales were on account. If an amount box does not require an entry, leave it blank. 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 last-in, first-out method to be higher or lower