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 36 $225 $8,100 8 Purchase 72 270 19,440 11 Sale 48 750 36,000 30 Sale 30 750 22,500 May 8 Purchase 60 300 18,000 10 Sale 36 750 27,000 19 Sale 18 750 13,500 28 Purchase 60 330 19,800 June 5 Sale 36 790 28,440 16 Sale 48 790 37,920 21 Purchase 108 360 38,880 28 Sale 54 790 42,660 Required: 1. Record the inventory, purchases, and cost of 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 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 the three months ended May 31, 2016 Purchases Cost of Merchandise Sold Inventory Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Apr. 3 $ $ Apr. 8 Apr. 11 Apr. 30 May 8 May 10 May 19 May 28 June 5 M I10 June 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 merchandise sold accounts. Assume that all sales were 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 as of 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