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FIFO Perpetual Inventory The beginning inventory 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 78 $375 $29,250 8 Purchase 450 70,200 156 11 Sale 104 1,250 130,000 30 Sale 65 1,250 81,250 May 8 Purchase 130 500 65,000 10 Sale 78 1,250 97,500 48,750 19 Sale 39 1,250 28 Purchase 130 550 71,500 June 5 Sale 78 1,315 102,570 136,760 16 Sale 104 1,315 21 Purchase 234 600 140,400 28 Sale 117 1,315 153,855 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 Goods Sold Unit Cost column and in the Inventory Unit Cost column. Dunne Co. Schedule of Cost of Goods Sold FIFO Method For the Three Months Ended June 30 Purchases Cost of Goods Sold Inventory Dunne Co. Schedule of Cost of Goods Sold FIFO Method For the Three Months Ended June 30 Cost of Goods Sold Total Cost Quantity Unit Cost Total Cost Purchases Unit Cost Inventory Unit Cost Date Quantity Quantity Total Cost $ Apr. 3 $ Apr. 8 $ $ $ $ Apr. 11 Apr. 30 May 8 May 10 May 19 May 28 June 5 June 16 June 21 June 28 June 30 Balances 2. Determine the total sales and the total cost of goods sold for the period. Journalize the entries in the sales and cost of goods sold accounts. Assume that all sales were on account. If an amount box does not require an entry, leave it blank. 2. Determine the total sales and the total cost of goods sold for the period. Journalize the entries in the sales and cost of goods sold accounts. Assume that all sales were on account. If an amount b does not require an entry, leave it blank. 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 ending inventory using the last-in, first-out method to be higher or lower