The beginning inventory at Dunne Co. and data on purchases and sales for a three-month period ending June 30 are as follows:

Date	Transaction	Number of Units	Per Unit	Total
Apr. 3	Inventory	54	$525	$28,350
8	Purchase	108	630	68,040
11	Sale	72	1,750	126,000
30	Sale	45	1,750	78,750
May 8	Purchase	90	700	63,000
10	Sale	54	1,750	94,500
19	Sale	27	1,750	47,250
28	Purchase	90	770	69,300
June 5	Sale	54	1,840	99,360
16	Sale	72	1,840	132,480
21	Purchase	162	840	136,080
28	Sale	81	1,840	149,040

Required:

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. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Goods Sold Unit Cost column and in the Inventory Unit Cost column.

Dunne Co. Schedule of Cost of Goods Sold FIFO Method For the Three Months Ended June 30

Date	Purchases Quantity	Purchases Unit Cost	Purchases Total Cost	Cost of Goods Sold Quantity	Cost of Goods Sold Unit Cost	Cost of Goods Sold Total Cost	Inventory Quantity	Inventory Unit Cost	Inventory Total Cost
Apr. 3							fill in the blank 1	fill in the blank 2	fill in the blank 3
Apr. 8	fill in the blank 4	$fill in the blank 5	$fill in the blank 6				fill in the blank 7	fill in the blank 8	fill in the blank 9
Apr. 8							fill in the blank 10	fill in the blank 11	fill in the blank 12
Apr. 11				fill in the blank 13	$fill in the blank 14	$fill in the blank 15	fill in the blank 16	fill in the blank 17	fill in the blank 18
Apr. 11							fill in the blank 19	fill in the blank 20	fill in the blank 21
Apr. 30				fill in the blank 22	fill in the blank 23	fill in the blank 24	fill in the blank 25	fill in the blank 26	fill in the blank 27
May 8	fill in the blank 28	fill in the blank 29	fill in the blank 30				fill in the blank 31	fill in the blank 32	fill in the blank 33
May 8							fill in the blank 34	fill in the blank 35	fill in the blank 36
May 10				fill in the blank 37	fill in the blank 38	fill in the blank 39	fill in the blank 40	fill in the blank 41	fill in the blank 42
May 10							fill in the blank 43	fill in the blank 44	fill in the blank 45
May 19				fill in the blank 46	fill in the blank 47	fill in the blank 48	fill in the blank 49	fill in the blank 50	fill in the blank 51
May 28	fill in the blank 52	fill in the blank 53	fill in the blank 54				fill in the blank 55	fill in the blank 56	fill in the blank 57
May 28							fill in the blank 58	fill in the blank 59	fill in the blank 60
June 5				fill in the blank 61	fill in the blank 62	fill in the blank 63	fill in the blank 64	fill in the blank 65	fill in the blank 66
June 16				fill in the blank 67	fill in the blank 68	fill in the blank 69	fill in the blank 70	fill in the blank 71	fill in the blank 72
June 21	fill in the blank 73	fill in the blank 74	fill in the blank 75				fill in the blank 76	fill in the blank 77	fill in the blank 78
June 21							fill in the blank 79	fill in the blank 80	fill in the blank 81
June 28				fill in the blank 82	fill in the blank 83	fill in the blank 84	fill in the blank 85	fill in the blank 86	fill in the blank 87
June 28							fill in the blank 88	fill in the blank 89	fill in the blank 90
June 30	Balances					$fill in the blank 91			$fill in the blank 92

2. Determine the total 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 period. Assume that all sales were on account. If an amount box does not require an entry, leave it blank.

Entries	Description	Debit	Credit
Record sale	Accounts PayableAccounts ReceivableCashInventorySalesAccounts Receivable	fill in the blank 94	fill in the blank 95
	Accounts PayableAccounts ReceivableCashCost of Goods SoldSalesSales	fill in the blank 97	fill in the blank 98
Record cost	Accounts PayableCashCost of Goods SoldInventorySalesCost of Goods Sold	fill in the blank 100	fill in the blank 101
	Accounts PayableAccounts ReceivableCashCost of Goods SoldInventoryInventory	fill in the blank 103	fill in the blank 104

3. Determine the gross profit from sales for the period. fill in the blank 1 of 1$

4. Determine the ending inventory cost as of June 30. fill in the blank 1 of 1$

5. Based upon the preceding data, would you expect the ending inventory using the last-in, first-out method to be higher or lower?

HigherLowerLower