The beginning inventory at Dunne Co. and data on purchases and sales for a three-month period ending June 30 are as follows: 1. Pecord the inventory, purchases, and cost of merchandise sold dath in a perpntual inventory record similar to the one wilustrated in Exhibit 3 , using the firating, fist-tout. method. Under FIFO, If units are in inventory at two dfferent costs, enter the units with the towER unit cost first in the Cost of Goodt 50 id unit Cost column and in the Inventory Unit Cost column. 2. Determine the totol sales and the total cost of goods sold for the period. Journalize summary entries for the sales and corresponding cost of goods sold for the perioc Assume that all sales were on jccount. If an amount box does not require an entry, leave it blanik. 3. Determine the gross proft from sales for the period. 4. Determine the ending inventory cost as of June 30 : 5. Bared upon the oreceding data, would you expect the ending inventary using the last-in, first-out method to be higher ar lower