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 90 $525 8 Purchase 180 630 $47,250 113,400 210,000 11 Sale 120 1,750 Sale 75 1,750 30 May 8 131,250 Purchase 150 700 10 Sale 105,000 157,500 90 19 1,750 1,750 Sale 45 78,750 28 Purchase 150 770 June 5 Sale 115,500 165,600 90 16 1,840 1,840 Sale 120 220,800 21 Purchase 270 840 226,800 28 Sale 135 1,840 248,400 1. Record the entry purchases, and cost of merchandises data in perpetual inventory record sur to the one strated in this using the first cut method under tro, if unts are inventory at two different costs, enter the units with the LOWER nit costs in the cost of Good Sold Unit Cost com and in the inventory Unit Cost calu Dunne Co. Schedule of Cost of Goods sold FIFO Method For the Three Months Ended June 30 Purchases Cost of Goods Sold Inventory Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost ADE AB Apr 30 May May 10 May 19 May 28 June 5 June 16 Trine 21 une 2 Tune 30 Beness 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 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 tistout method to be higher or lower