FIFO

The beginning inventory at Dunne Co. and data on purchases and sales for a three-month period ending June 30 are as follows: 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 Goods Sold Unit Cost column and in the Inventory Unit Cost column. 3. Determine the groes ctofit trom sales foe the period, 4. Detertition the tending imentory cost as of June 30