Show Me How Calculator eBook 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 Total Per Unit Apr. 3 Inventory 78 $600 $46,800 8 Purchase 156 720 112,320 11 Sale 104 2,000 208,000 30 Sale 65 2,000 130,000 May 8 Purchase 130 800 104,000 Sale 10 2,000 156,000 19 Sale 39 2,000 78,000 28 Purchase 130 880 114,400 June 5 Sale 78 2,100 163,800 16 Sale 104 2,100 218,400 21 Purchase 234 960 224,640 28 Sale 117 2,100 245,700 Required: 1. Record the inventory, purchases, and cost of merchandise sold data in perpetual inventory record similar to the one illustrated in Exhib using the first-in, first-out method. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first Cost of Goods Sold Unit Cost column and in the Inventory Unit Cost column. Check My Work Book Dunne Co. Schedule of Cost of Goods Sold FIFO Method For the Three Months Ended June 30 Purchases Cost of Goods Sold Quantity Quantity Unit Cost Total Cost Quantity Total Cost Date Unit Cost Apr. 3 78 78 | . 8 156 720 112,320 156 46,800 78 600 Apr. 11 78 X 720 Apr. 30 May 8 May 10 May 19 May 28 Check My Work Previous Nex Dunne Co. Schedule of Cost of Goods Sold FIFO Method For the Three Months Ended June 30 Cost of Goods Sold Inventory Cost Total Cost Quantity Unit Cost Total Cost Unit Cost Quantity 46,800 78 600 78 600 46,800 320 156 720 112,320 600 46,800 78 X 720 Deevio.c Nevt 78 Show Me How Calculator 78 X 720 19 28 e 5 me 16 une 21 Dune 28 June 30 Balances 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. Calculator Ow Me How 78 720 ds sold for the period. Journalize the entries in the sales and cost of goods sold accounts. une 28 June 30 Balances 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. Record sale Record cost 3. Determine the gross profit from sales for the period. 4. Determine the ending inventory cost as of 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? Feedback