I need help from #2 on...

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 25 $1,200 $30,000 8 Purchase 75 1,240 93,000 11 Sale 40 2,000 80,000 30 Sale 30 2,000 60,000 May 8 Purchase 60 1,260 75,600 10 Sale 50 2,000 100,000 19 Sale 20 2,000 40,000 28 Purchase 80 1,260 100,800 June 5 Sale 40 2,250 90,000 16 Sale 25 2,250 56,250 21 Purchase 35 1,264 44,240 28 Sale 44 2,250 99,000 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 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 Merchandise Sold Unit Cost column and in the Inventory Unit Cost column. Dunne Co. Schedule of Cost of Merchandise Sold FIFO Method For a three-Month Period Purchases Cost of Merchandise Sold Inventory Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Apr. 3 25 $ 1,200 25 1,200 Apr. 8 75 $ 1,240 93,000 75 1,240 25$ 1,200 $ $ 30,000 Apr. 11 15 1,240 18,600 60 1,240 Apr. 30 30 1,240 37,200 30 1,240 30 1,240 May 8 60 1,260 75,600 60 1,260 30 1,240 37,200 May 10 20 1,260 25,200 40 1,260 Mau 10 2n 1 260 25 2nn an 1 260 30 1,240 37,200 30 y 1,240 37,200 30|y 1,240 37,200 60 1,260 75,600 60 / 1,260 75,600 30V 1,240 ~ 37,200 20 1,260 25,200 40 1,260 50,400 20 / 1,260 25,200 20 1,260 25,200 20 1,260 25,200 80 1,260 100,800 80|y 1,260 100,800 20] 1,260 25,200 20 y 1,260 25,200 60 y 1,260 75,600 25 1,260 31,500 35 1,260 44,100 7 35 1,260 44,100 35 1,264 44,240 35 1,264 44,240 35 1,260 44,100 9 1,264 11,376 26 1,264 32,864 alances 310,776 32,864 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 Accounts Receivable 87,624 sale Sales Record Cost of Merchandise Sold 310,776 cost Merchandise Inventory 310,776 3. Determine the gross profit from sales for the period. $ -211,776 X 4. Determine the ending inventory cost on June 30. $ 343,640 X 5. Based upon the preceding data, would you expect the inventory using the last-in, first-out method to be higher or lower? Lower