O. Perpetual Inventory e beginning inventory of merchandise at Dunne Co. and data on purchases and sales for a three-month period ending June 30 are as followis: 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. 4. Determine the ending inventory cost as of June 30 . 5. Based upon the preceding data, would you expect the inventory using the iast-in, first-out method to be higher or lower? 1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the FIFO Method For the three-months ended June 30 FIFO Method For the three-months ended June 30 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 alt sales were on account. 3. Determine the gross profit from sales for the period. es and the total cost of merchandise sold for the period. Journalize the entries in the sales and cost of merchandise sold ales were on account. 2. vetermine 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. 4. Determine the ending inventary cost as of 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