The beginning inventory of merchandise at Dunne Co. and data

3. $214,474 SHOW ME HOW PR 7-1B FIFO perpetual inventory The beginning inventory of merchandise at Dunne Co. and data on purchases and for a three-month period ending June 30, 2016, are as follows: 4. Date Apr. 3 8 11 30 May 8 10 19 28 June 5 21 28 Instructions 1. Record the inventory, Transaction Inventory Purchase Sale Sale Purchase Sale Sale Purchase Sale Sale Purchase Sale Number of Units 25 75 40 30 60 50 20 80 40 25 35 Per Unit $1,200 1 ,240 2,000 2,000 1,260 2,000 2,000 1 ,260 2,250 2,250 1,264 2,250 Total s 30,000 93,000 80,000 60,000 75,600 1 oo,ooo 40,000 100,800 90,000 56,250 44,240 99,000 purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 4, using the first-in, firstod 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 thatil sales were on account. 3. Determine the gross profit from sales for the period. 4. Determine the ending inventory cost on June 30, 2016. 5. Based upon the preceding data, would you expect the inventory using the first-out method to be higher or lower? PR 7-2B LIFO perpetual inventorv