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:

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 $450 540 1,500 1,500 600 $18,900 8 Purchase 11 Sale 30 Sale 84 56 35 70 45,360 84,000 52,500 42,000 63,000 31,500 46,200 66,150 88,200 90,720 99,225 May 8 Purchase 10 Sale 19 Sale 28 Purchase 1,500 1,500 660 1,575 1,575 720 1,575 21 70 June 5 Sale 16 Sale 21 Purchase 28 Sale 56 126 63 R quired: Quentity Quentity Agr. 2 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 Record cost 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