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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 of Units Total Per Unit Date Transaction 90 Inventory $300 $27,000 Apt. 3 360 8 180 64,800 Purchase 120 1,000 120,000 11 Sale Sale 30 75 1,000 75,000 Purchase 150 400 May B 60,000 Sale 10 90 1.000 90,000 19 Sale 45 45,000 1,000 28 Purchase 150 440 66,000 Jules Sale 90 1.050 94,500 16 Sale 120 1.050 126,000 23 Purchase 270 480 129,600 20 Sale 135 1.050 141.750 PNG 1. Record the percentory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one ilustrated in Exhibits, using the fintun, first-out method. Under FIFO, 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 Purchases For the three months ended June 30 Cost of Merchandise Sold Quantity Unit Cost Total Cost Inventory Unit Cost Date Quantity Unit Cost Total Cost Quantity Total Cost ADE 90 300 27,000 90 300 27.000 ADE 180 350 64,000 10 360 64,000 120 AD1 75 AD 25 Ha 10 100 60.000 apter 7 w Snow How ebook May 10 Mar 10 - I 1 nes June 16 June 21 une 20 June 30 Balance 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 we were on account Recorda Record cost ermine the root rom sales for the period Determine the inventory 30 5. ed upon the preceding to you expect the entry in the latest method to the lower