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 $525 Ap. 3 Inventory 50 $31,500 Purchase 20 630 75,600 Sale 11 80 1,750 140,000 30 Sale 50 1,750 87,500 100 May 8 Purchase 700 70,000 10 Sale 60 1,750 105,000 52,500 1C Sale 30 1,750 100 28 Purchase 770 77,000 June 5 Sale 60 1,840 110,400 8C 16 Sale 1,840 147,200 21 Purchase 180 840 151.200 29 Sale 90 1.840 165.600 Required: 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 1. Record the inventory, purchases, and cost 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. Schedule of Cost of Goods Sold FIFO Method For the Three Months Ended June 30 Purchases Cost of Goods Sold Inventory Total Cost Date Quantity Unit Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Apr. 3 60 $ 525 31,500 60 525 31,500 120 630 $ 75,600 Apr. 8 75,600 120 630 31,500 60 525 630 63,000 100 Apr. 11 X 630 31,500 Apr. 30 630 31,500 V 100 700 70,000 May 8 70,000 May 10 May 19 100 770 77,000 May 28 June 5 June 16 180 840 151,200 June 21 June 28 June 30 Balances $ x 2. Determine the total sales and the total cost of goods sold for the period. Journalize the entries 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. 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, first-out method to be higher or lower