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: Date Transaction Number of Units 25 Total Per Unit $1,200 $30,000 75 Apr 3 Inventory 8 Purchase 11 Sale 30 Sale May 8 Purchase 40 30 93,000 80,000 60,000 75,600 100,000 60 10 Sale SO 19 Sale 20 1,240 2,000 2,000 1,260 2,000 2,000 1,260 2,250 2,250 1,264 2,250 28 Purchase 80 40,000 100,800 90,000 56,250 40 June 5 Sale 16 Sale 25 35 21 Purchase 28 Sale 44,240 99,000 44 Required: 1. Record the inventory, purchases, and cost of goods 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 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 Determine the gross profit from sales for the period. 4. Determine the ending Inventory cost on June 3p. 5. Based upon the preceding data, would you expect the ending inventory using the last-in, first-out method to be higher or lower? Feedback