Problems: Series B OB). 2,3 3. $214,474 2.1 $31, Excel Date Apr. Show Me How PR 7-1B FIFO perpetual inventory purchases and sales The beginning inventory of merchandise at Dunne Co, and data on for a three-month period ending June 30 are as follows: Per Number Unit Total Transaction of Units $ 30,000 $ 1,200 3 25 Inventory 93,000 1,240 8 75 Purchase 80,000 11 Sale 2,000 40 60,000 2,000 30 Sale 30 75,600 May 8 Purchase 1,260 60 100,000 10 Sale 2,000 50 19 Sale 20 2,000 40,000 28 Purchase 80 1,260 100,800 June 5 Sale 40 2,250 90,000 16 Sale 25 2,250 56,250 21 Purchase 35 1,264 44,240 28 Sale 44 2,250 99,000 Instructions 1. Record the inventory, purchases, and cost of merchandise 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 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 on 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? TU SL-UUmuul De 18HCI 1 12 OBJ. 2,3 PR 7-2B LIFO perpetual inventory The beginning inventory for Dunne Co. and data on purchases and sales for a three-month period are shown in Problem 7-1B. Instructions 1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 4, using the last-in, first-out method. 2. Determine the total sales, the total cost of merchandise sold, and the gross profit from sales for the period. 3. Determine the ending inventory cost on June 30