Week 4 Assignment cBook Show Me How Calculator 1. PR.06-02.ALGO FIFO Perpetual Inventory The beginning inventory of merchandise at Dunne Co. and data on purchases and sales for a three-month period ending June 30 are as follows: 2. PR.07-01.ALGO Number 3. PR.07-02.ALGO Date Transaction of Units Per Unit Total Apr. 3 Inventory 70 S300 $23,400 8 Purchase 156 360 56,160 11 Sale 104 1,000 104,000 30 Sale 65 1,000 65.000 May 8 Purchase 130 400 52,000 10 Sale 70 1,000 78,000 19 Sale 39 1,000 39,000 28 Purchase 130 440 57.200 June 5 Sale 1,050 81.900 16 Sale 104 1,050 109,200 112,320 21 Purchase 234 480 28 Salc 117 1,050 122,850 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 Merchandise Sold Unit Cost column and in the Inventory Unit Cost column. Dunne Co. Schedule of Cost of Merchandise Sold FIFO Method For the three-months ended June 30 Check My Work Previous Next Progress: 2/3 Items Assignment Score: 51.03% Save and Exit Submit Assignment for Grading Week 4 Assignment cBook Show Me How Calculator May 19 1. PR.06-02.ALGO May 28 2. PR.07-01.ALGO 3. PR.07-02.ALGO June 5 June 16 June 21 June 2A June 30 Balances 2. Determine the total sales and the total cost of merchandise sold for the period. Journalize the entries in the sales and cost of merchandise sold accounts. Assume that all sales were o account Record sale Record cost 3. Determine the gross profit from sales for the period. 4. Determine the ending inventory costs of June 30. 5. Based upon the preceding data, would you expect the inventory using the last in, first out method to be higher or lower? Check My Work Previous Next Progress: 2/3 Items Assignment Score: 51.03% Save and Exit Submit Assignment for Grading