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 Apa Inventory 66 $450 $29,700 0 Purchase 132 $40 71,280 11 Sale 38 1.500 132,000 30 Sale 55 1,500 82,500 May Purchase 110 600 66,000 10 Sale 1,500 99,000 19 Sale 33 1.500 49.500 28 Purchase 110 660 72,600 June 5 Sale 66 103,950 16 Sale 88 3,575 130.600 21 Purchase 720 142.560 28 Sale 99 1,575 155.925 Required: 1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual Inventory record similar to the one strated in Exhibits, using the first first-out method. Under Firo, 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 1.575 1. Record the inventory, purchases, and cost of merchandise sold data in perpetual Inventory record similar to the one ilustrated in the using the first in tout 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 Cout column 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 Date Quantity Total Cost Inventory Unit Cost Quantity Total Cost Apr 3 Apr. Apr 11 Apr 30 May 1 I May 10 May 10 May 19 May 28 June 5 June 16 June 21 June 28 Balances 3 June 30 2. Determine the total sales and the total cost of goods sold for the period. Journalize the entres in the sales and cost of goods sold accounts. Assume that all sales were an account. I an amount box does not require an entry leave it blank Racord sale Accounts Receivable Sales Record cost Cast of Goods Sold Tavant June 30 Balances 2. Determine the total sales and the total cost odotto Southers in the cost of good an amount or does not require acord sale Accounts Receivable Record Cost Cast of Good Determine thermometer 4. Determine the ending run 30 3. Based upon the preceding you spect the ending intory in the southod to be higher or lower