Periodic Inventory by Three Methods The beginning inventory for Dunne Co. and data on purchases and sales for a three-month period are as follows: Number of Units Date Transaction Per Unit Total Apr. 3 Inventory 25 8 Purchase 75 $1,200 1,240 2,000 2,000 $30,000 93,000 80,000 11 Sale 40 30 Sale 30 60,000 May 8 Purchase 60 1,260 2,000 75,600 100,000 10 Sale 50 19 Sale 20 2,000 40,000 28 Purchase 80 1,260 100,800 90,000 June 5 Sale 40 2,250 16 Sale 25 2,250 56,250 21 Purchase 35 1,264 44,240 28 Sale 44 2,250 99,000 4. Compare the gross profit and June 30 inventories using the following column headings. For those boxes in which you must enter subtracted or negative numbers use a minus sign. FIFO LIFO Weighted Average Sales $ 525,250 $ 525,250 $ 525,250 Cost of goods sold 310,776 x 312,400 x 311,140 x Gross profit $ 214,474 $ 212,850 $ 214,110 Inventory, June 30 $ 32,864 $ 31,240 $ 32,500