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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 Total Per Unit 72 Inventory $300 Apr. 3 $21,600 Purchase 360 144 8 51,840 Sale 11 96 96,000 1,000 Sale 30 60 60,000 1,000 400 120 48,000 Purchase May 8 72 1,000 72,000 10 Sale 36 1,000 36,000 19 Sale 440 120 52,800 Purchase 28 72 1,050 75,600 June 5 Sale 96 1,050 100,800 16 Sale 103,680 480 216 Purchase 21 113,400 1,050 108 28 Sale Required: revious Show Me How Calculator eBook 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 Cost of Merchandise Sold Purchases Ur Quantity Total Cost Unit Cost Quantity Total Cost Unit Cost Quantity Date Apr. 3 Apr. 8 Apr. 11 Apr. 30 May 8 Previous Check My Work eBook Show Me How Calculator ases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 3, od. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in hit 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 Inventory Purchases Cost of Merchandise Sold Total Cost Unit Cost Quantity Total Cost Unit Cost Total Cost nit Cost Quantity Previous $ Check My Work eBook Show Me How Calculator Apr. 11 Apr. 30 May 8 May 10 May 19 May 28 June 5 June 16 Tune 21 June 28 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 Previous Check My Work 09 eBook Show Me How Calculator III the total cost of merchandise sold for the period. Journalize the entries in the sales and cost of merchandise Previous Check My Work BRA June 28 - 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 on account. Record sale Record cost

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