Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record using the first in first out method. Under FIFO units are in inventory at two different cost enter the unit with the lower unit cost first.

determine the total sales in the total cost of goods sold for the. By journalizing the entries in the sales and cost of good sold accounts assuming that all sales were on account.

determine the gross profit from the sales for the period.

determine the ending inventory cost as of June 30.

FIFO Perpetual Inventory The beginning inventory at Dunne Co. and data on purchases and sales for a three-month period ending June 30 are as follows: Number Date Transaction of Units Per Unit Total Apr. 3 Inventory 72 $300 $21,600 8 Purchase 144 360 51,840 11 Sale 96 1,000 96,000 30 Sale 60 1,000 60,000 May 8 Purchase 120 400 48,000 10 Sale 72 1,000 72,000 19 Sale 36 1,000 36,000 28 Purchase 120 440 52,800 June 5 Sale 72 1,050 75,600 16 Sale 96 1,050 100,800 21 Purchase 216 480 103,680 28 Sale 108 1,050 113,400