Obj. 2, 3 The beginning inventory at Dunne Co. and data on purchases and sales for a three-month period ending June 30 are as follows: SHOW ME HOW EXCEL TEMPLATE Date Transaction Apr. 3 May 8 Inventory Purchase Sale Sale Purchase Sale Sale Purchase Sale Sale Purchase Sale Number Per Unit Total of Units $1,200 $ 30,000 1,240 93,000 2,000 80,000 2,000 60,000 1,260 75,600 2,000 100,000 2,000 40,000 1,260 100,800 2,250 90,000 2.250 56,250 1,264 44,240 2.250 99,000 19 June 5 Instructions 1. Record the inventory, purchases, and cost of goods 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 goods sold for the period. Journalize the entries in the sales and cost of goods sold accounts. Assume that all sales were on account. 3. Determine the gross profit from sales for the period. Answer Check Figure: $214,474 4. Determine the ending inventory cost on 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