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 25 $1,200 $30,000 93,000 75 1,240 40 2,000 80,000 30 2,000 Apr. 3 Inventory 8 Purchase 11 Sale 30 Sale May 8 Purchase 10 Sale 19 Sale 28 Purchase June 5 Sale 60 1,260 50 2,000 60,000 75,600 100,000 40,000 100,800 90,000 20 2,000 80 1,260 40 2,250 16 Sale 25 2,250 56,250 21 Purchase 35 1,264 44,240 28 Sale 44 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 first in the cost of Goods Sold Unit Cost column and in the Inventory Unit Cost column Dunne Co. A Schedule of Cast 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 Apr. 3 60 XS 150 X 9,000 78 X 275 x Apr. B 120 XS 29,250 X 21,600 180 X 156 x 450 X 70,200 X 78 XS XS 29,250 Apr, 11 Apr. 30 Maya May 10 May 19 May 28 June 5 June 16 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 Accounts Receivable Sales Record cost Cost of Goods Sold Inventory 3. Determine the gross profit from sales for the period 3. Determine the gross profit from sales for the period. 4. Determine the ending inventory cost on June 30