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 Date Transaction of Units Per Unit Total Apr. 3 Inventory 25 $1,200 $30,000 8 Purchase 75 1,240 93,000 11 Sale 40 2,000 80,000 30 Sale 30 2.000 60.000 May & Purchase 60 1,260 75,600 10 Sale 50 2,000 100,000 19 Sale 20 2,000 40.000 28. Purchase 80 1,260 200.800 June 5 Sale 40 2,250 90.000 16 Sale 25 2.230 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 merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibits, 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 Merchandise Sold Unit Cost column and in the Inventory Unit Cost column Dunne Co. Schedule of cost of Merchandise Sold FIFO Method For a Three-Month Period Purchases Cost of Merchandise Sold Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Apr. 3 25 25 Apr. 8 75 1,240 93,000 75 Apr. 11 Apr. 30 May & 5 and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated out method. Under FIFO, if units are in inventory at two different costs, enter the units with the Merchandise Sold Unit Cost column and in the Inventory Unit Cost column. Dunne Co. Schedule of Cost of Merchandise Sold FIFO Method For a three-Month period rchases Cost of Merchandise Sold Inventory it Cost Total Cost Quantity Unit Cost Total cost Quantity Unit Cost Total Cost 25 1,200 $ 30,000 25 1,200 30,000 1,240 93,000 75 1,240 93,000 May 8 May 10 May 19 May 28 June 5 Dune 16 June 21 June 28 June 30 Balances 2. Determine the total sales and the total cost of merchandise sold for the period. Journalize the entries in the sales and cost of merchandic cold arenunte Atem that all als were on count einpro... June 21 June 28 June 30 Balances 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 on account. Record sale Accounts Receivable Sales Record cost Cost of Merchandise Sold Merchandise Inventory 3. Determine the gross profit from sales for the period. 4. Determine the ending inventory cost on June 30. $ 5. Based upon the preceding data, would you expect the inventory using the last in, first-out method to be higher or lower