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: Required: 1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similiar to the one Illustrated in Exhibit 3, using the first-in, first-ou 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 it the Inventory Unit Cost columin. 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 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 Jall sales were on account. 3. Determine the gross proft from sales for the period. 4. Determine the ending inventory cost on june 30 . 5. Based upon the preceding data, would you expect the inventery using the lastein, first-out method to be higher or lower