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PR 7-1B FIFO perpetual inventory The beginning inventory of merchandise at Dunne Co. and data on purchases for a three-month period ending June 30 are as follows: 474 and sales xcel Transaction of Units 25 Date Unit Total $1.200 30,000 93,000 Apr. 3 Inventory 8 Purchase 11 Sale 30 Sale 1,240 Show 40 30 How 1,260 2,000 100,000 2,000 1,260 100,800 May 8 Purchase 10 Sale 19 Sale 28 Purchase 20 80 90,000 56,250 June 5 Sale 16 Sale 21 Purchase 28 Sale 25 1,264 2,250 99,000 Instructions 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. 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 that all sales were on account. 3. Determine the gross profit from sales for the period. 4. Determine the ending inventory cost on 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? PR 7-2B LIFO perpetual inventory The beginning inventory for Dunne Co. and data on purchases and sales for a three-month period are shown in Problem 7-1B. Instructions 1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual profit, xcel inventory record similar to the one illustrated in Exhibit 4, using the last-in, first-out method 2. Determine the total sales, the total cost of merchandise sold, and the gross profit from sales for the period. 3. Determine the ending inventory cost on June 30. How PR 7-3B Weighted average cost method with perpetual inventory oss profit, The beginning inventory for Dunne Co. and data on purchases and sales for a three-month period are shown in Problem 7-1B. Instructions 1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual 96 inventory record similar to the one illustrated in Exhibit 5, using the weighted average cost method