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: Dunne Co. Schedule of Cost of Merchandise Sold FIFO Method For the three-months ended June 30 3. Determine the gross profit from sales for the period. $ 4. Determine the ending inventory cost as of June 30 . 4 5. Based upon the preceding data, would you expect the inventory using the last-in, first-out method to be higher or lower