INSTRUCTIONS 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. 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. 3. Determine the gross profit from sales for the period. ANSWER 4. Determine the ending inventory cost on 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? TULIONIS Accessibility Bookmark Show Me 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: How Excel Date Transaction Apr. 3 Inventory 8 Purchase 11 Sale 30 Sale May 8 Purchase 10 Sale 19 Sale 28 Purchase June 5 Sale 16 Sale 21 Purchase 28 Sale Number of Units 25 75 40 30 60 50 20 80 40 25 35 44 Per Unit $1,200 1,240 2.000 2,000 1,260 2,000 2,000 1.260 2.250 2.250 1,264 2.250 Total $ 30,000 93,000 80,000 60,000 75,600 100,000 40,000 100,800 90,000 56.250 44.240 99,000