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 78 $300 $23,400 8 Purchase 156 360 56,160 11 Sale 104 1,000 104,000 30 Sale 65 1,000 65,000 May 8 Purchase 130 400 52,000 10 Sale 78 1,000 78,000 19 Sale 39 1,000 39,000 28 Purchase 130 440 57,200 June 5 Sale 78 1,050 81,900 16 Sale 104 1,050 109,200 21 Purchase 234 480 112,320 28 Sale 117 1,050 122,850 Purchases Cost of Merchandise Sold Inventory Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Total Cost Quantity Unit Cost 700 300 300 23,400 Ant 156 360 56,160 23,400 156 360 16,160 [April 300 23.400 102 360 26 300 Apr. 30 65 360 350 56,160 X May 130 400 $2,000 May 10 May 19 May 28 130 440 57.2007 Sunes Pune 16 21 234 480 112,320 Junes June 16 June 21 2347 480 V 112,320 June 28 June 30 Balance 2. Determine the total sales and the total cost of merchandise sold for the period. Fournaise the entries in the sales and cost of merchandise sold counts. Assume that we were on account Record wie Record cost 3. Determine the gross profit from sales for the periode 4. Determine the ending inventory costs of June 30 5. Based upon the preceding car, would you expect the entory using the lost in tout method to be higher or lower