PR 6-1B FIFO perpetual inventory The beginning inventory of merchandise at Francesca Co. and data on purchases and sales for a three-month period are as follows: Per Unit Number of Units 75 150 90 45 125 110 80 100 60 50 180 90 Total Date Transaction $1,500 $112,500 July 3 Inventory 1,800 270,000 3,000270,000 3,000 2,000 250,000 3,000 330,000 3,000 240,000 2,200 220,000 3,500 210,000 3,500 175,000 2,400432,000 3,500 315,000 8 Purchase 11 Sale 30 Sale 135,000 Aug. 8 Purchase 10 Sale 19 Sale 28 Purchase Sept. 5 Sale 16 Sale 21 Purchase 28 Sale Instructions 1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory recordesusing the first-in, first-out method. 2. Determine the total sales and the total cost of merchandise sold for the period. Jour- nalize 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. 5. Based upon the preceding data, would you expect the inventory using the last-in, first-out method to be higher or lower