FIFO Perpetual Inventory The beginning Inventory of merchandise at Dunne Co. and data on purchases and sales for a three-month period ending June 30 are as follows: Number of Units Per Unit Total Date Transaction 25 $1,200 $30,000 Apr. 3 Inventory 75 8 Purchase 1,240 93,000 40 2,000 80,000 11 Sale 30 2,000 30 Sale 60,000 75,600 60 1,260 May & Purchase 50 10 Sale 2,000 100,000 20 2,000 19 Sale 40,000 28 Purchase 80 1,260 100,800 June 5 Sale 40 2,250 90,000 16 Sale 25 2,250 56,250 21 Purchase 35 1,264 44,240 99,000 28 Sale 44 2,250 Required: 1. Record the Inventory burchases, and cost of merchandise sold data in a perpetual inventory record similar to the one Illustrated in thibt, using the first-in, first-out method. Under Pro, funts are in inventory Mtwo different costs, enter the units with the LOWER unit cost first in the Cost of Merchandise Sold Unit Cost column and in the Inventory Unit Cost column Dunne Co Schedule of Cost of Merchandise Sold FIFO Mathed For Three-Month Perind Purchases Inventary Cost of Merchandise Sold Quantity Unit Coet Total Cost Quantity Total Cost Quantity Date Unit Cost Total Cost Unit Cont on 3 |Apre 75 1.240 92.000 93,000 Ar 11 Apr 30 1,300 195.000 1,260 95.000 Me 10 Ver LOWO Chapter 7 - Problems A May 10 May 19 May 28 80 1,260 100,800 Dutes June 16 June 21 35 1,264 4,240 44,240 Sune 2 Dne 30 Balances 2. Determine the total sales and the total cost of candise sold for the period. Journalue the entries in the sales and most of merchandise sold accounts. Assume that all sales were on account Record sale une 16 35 44,280 1,264 44,240 June 21 June 25 une 30 Blo 2. Determine the total sales and the total cost of merchandise sold for the period. Journalize the entries in the sales and cost of merchandise sold accounts. Assume that all sales were once Recorde Racort 3. Din the gross profit from for the period 4. Determine the ending in costos 30 5. on the end, would you expect the the last stoutthod to be higher or lower