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 25 $1,200 $30,000 8 Purchase 1,240 93,000 11 Sale 2,000 80,000 30 Sale 2,000 60,000 May 8 Purchase 1,260 75,600 10 Sale 2,000 100,000 19 Sale 2,000 40,000 28 Purchase 1,260 100,800 June 5 Sale 2,250 90,000 16 Sale 2,250 56,250 21 Purchase 1,264 44,240 28 Sale 2,250 99,000 Required: 28 Sale 44 2,230 ,000 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 For the Three Months Ended June 30 Purchases Cost of Goods Sold Inventory Unit Total Unit Total Unit Date Quantity Quantity Cost Cost Cost Cost Quantity Cost Apr. 3 Total Cost Cholo HUMU 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 25 $1,200 $30,000 8 Purchase 75 1,240 93,000 11 Sale 2,000 80,000 30 Sale 2,000 60,000 May 8 Purchase 1,260 75,600 10 Sale 2,000 100,000 19 Sale 2,000 40,000 28 Purchase 1,260 100,800 June 5 Sale 2,250 90,000 16 Sale 2,250 56,250 21 Purchase 1,264 44,240 28 Sale 2,250 99,000 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 Apr. 8 I D O Apr. 11 Apr. 11 Apr. 30 May 8 OO May 10 May 19 May 28 June 5 June 16 Tune June 5 June June 21 June 28 June 30 Balances 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. 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. auto Dear 4. Determine the ending inventory cost on June 30. s 5. Based upon the preceding data, would you expect the ending inventory using the last-in, first-out method to be higher or lower? 6 more Check My Work uses remaining