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 of Units Date Transaction Per Unit Total Apr. 3 Inventory $150 $9,000 8 Purchase 180 21,600 11 Sale 500 40,000 Sale 25,000 May 8 Purchase 20,000 10 Sale 19 Sale 500 28 Purchase 30,000 15,000 22,000 31,500 42,000 June 5 Sale 525 16 Sale 21 Purchase 43,200 28 Sale 525 47,250 Required: 1. Record the inventory purchases and cost of merchandissoldata in a perpetual inventory records to the one strated in Excit ing the first in first method. Under Firo, 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 June 30 Purchases Unit Cost Cost of Merchandise Sold Unit Cost Total Cost Date Quantity Total Cost louantity Quantity 21.00 May 10 June 2 Tume 2. Determine the total sales and the total cost of merchandise sold for the period. Journal then in the sales and cost of merchandise sold accounts. Assume that all sales were on account une 16 June 21 Dune 28 June 30 Balances 2. Determine the total sales and the total cost of merchandise sold for the period. Joumalize the entries in the sales and cost of merchandise sold accounts. Assume that all Record sale Record cost 3. Determine the gross profit from sales for the period. 4. Determine the ending inventory costs of une 30 5. Based upon the preceding data, would you expect the inventory using the last-In, tout method to be higher or lower