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 54 $225 $12,150 Apr. 3 8 Inventory Purchase 108 270 29,160 11 Sale 72 750 54,000 30 Sale 45 750 33,750 Purchase 90 300 27,000 May 8 10 Sale 54 750 40,500 27 750 20,250 19 28 90 330 29,700 June 5 Sale Purchase Sale Sale Purchase 54 790 42,660 72 790 56,880 16 21 162 360 58,320 28 Sale 81 790 63,990 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 Purchases Cost of Goods Sold Inventory Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Apr. 3 Apr. 8 Apr. 11 Apr. 30 May 8 May 10 May 19 May 28 June 5 June 16 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. Record sale Record cost 3. Determine the gross profit from sales for the period. 4. De The ending inventory cost as of June 30. Higher Lower the preceding data, would you expect the ending inventory using the last-in, first-out method to be higher or lower