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 36 $525 $18.900 8 Purchase 72 630 45,360 11 Sale 48 1,750 84,000 30 Sale 30 1,750 52,500 May 8 Purchase 60 700 42,000 10 Sale 36 1,750 63,000 19 Sale 18 1,750 31,500 28 Purchase 60 770 46,200 June Sal 36 1,840 66,240 16 Sale 48 1,840 88,320 21 Purchase 108 840 90,720 28 Sale 54 1,840 99,360 Required: 1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 3, using the first in it 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 Unt Cost column and in the Inventory Unit Cost column Dunne Co. 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 Date Purchases Unit Cost Quantity Total Cost Apr. 3 Quantity Inventory Unit Cost Total Cost 36 525 18,900 Apr. B 72 630 45,360 36 525 18,900 72 7 630 45,360 Apr. 11 36 525 18,900 1217 60 630 7,560 630 37,800 pr. 30 30 630 18,900 30 630 18,900 May 8 60 700 42,000 60 700 42,000 May 10 May 19 May 28 60 770 46,200 60 770 June 5 46,200 June 16 film takeAssignment/take AssignmentMain.do?invokerStake AssignmentSessionLocator:&inprogress=false D eBook Show Me How Printem June 5 June 16 June 21 108 840 90,720 108 840 90,720 June 28 June 30 Balances 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. cord sale Accounts Recevable 484,920 484,920 Sales Record cost cost of Goods Sold Inventory 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, forst-out method to be higher or tower Lower Festas Check My Work