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 72 $450 $32,400 8 Purchase 144 540 77,760 Sale 96 1,500 144,000 30 Sale 60 1,500 90,000 May 8 Purchase 120 600 72,000 10 Sale 72 1,500 108,000 19 Sale 36 1,500 54,000 28 Purchase 120 660 79,200 June 5 Sale 72 1,575 113,400 16 Sale 96 1.575 151,200 21 Purchase 216 720 155.520 1,575 28 108 170,100 Sale Apr 72 Inventory Purchase 33750 510 8 144 332,400 77,760 144,000 11 Sale 96 1,500 30 Sale 60 1,500 90,000 May 8 Purchase 120 600 72,000 10 Sale 72 1,500 108,000 19 Sale 36 54,000 1,500 660 28 Purchase 120 June 5 Sale 72 1,575 79,200 113,400 151,200 16 Sale 96 1,575 21 216 720 Purchase Sale 155,520 170,100 28 108 1,575 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, 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 Cost of Candr Sold Purchases Schedule of cost of Goods Sold FIFO Method For the three months Eddu 10 Cost of Goods Sold Quantity Unit Cost Total Cost Purchases Inventory Unit Cost Date Quantity Unit Cost Total Cost Quantity Total Co Apr. 3 Apra - Apr. 11 Apr. 30 Maya - - - May 10 May 19 May 28 1 - - - May May 10 May 19 May 28 1 June June 16 June 21 - June 28 June 30 Balances 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. Records 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 last in, frut-out method to be higher or lower