will upvote immediately.

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: Number of Units Date Transaction Per Unit Total Apr. Inventory 48 $450 $21,600 8 Purchase 96 540 51,840 11 Sale 64 1.500 96,000 30 Sale 40 1,500 60,000 May 8 Purchase 80 600 48,000 10 Sale 48 1,500 72,000 19 Sale 24 1,500 36,000 52,800 28 80 660 June 5 Sale 48 1,575 25.600 16 Sale 64 1,575 100,800 21 Purchase 144 720 103,680 28 Sale 72 1,575 113,400 Required: 1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one ilustrated in Exhibit , using the first in, first- out method. Under Firo, ir 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 Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Co Apr 3 (Apr. & 96 540 51,840 Apr. 11 Apr. 30 May 8 80 600 51,840 May 10 May 19 May 28 80 660 52,800 June 5 June 16 June 21 - June 28 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 on account. Record sale Record cost 3. Determine the gross profit from sales for the period 4. Determine the ending inventory cost as 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