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The beginning inventory of merchandise at Dune Co. and dats on purchases and sales for a three month period ending June 30 are as follows:

1) Record the inventory, purchased and cost of merchandise sold data to a perpetual inventory record using the first-in first-out method. Under FIFO, if units are in inventory at two different costs, enter the units with the lower cost first in the cost of merchandise sold unit cost column and in the inventory unit cost column.

2) Determine the total sales and the total cost of merchandise sold for the period. Journalize the entries in the sales and the cost of merchandise sold accounts. Assume that all sales were on account.

3) Determine the gross profit from the 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?

haper PrODIeni 7 FIFO Perpebual Inventory purchases and The beginning inventory of merchandise at Dunne Co. and data on Total $18,900 45,360 84,000 52,500 42,000 63,000 31,500 46,200 66,240 88,320 90,720 99,360 Date Transaction of Units Per Unit 36 72 48 30 60 36 18 60 36 48 108 54 $525 630 1,750 1,750 700 1,750 1,750 770 1,840 1,840 840 1,840 Apr. 3 Inventory 8 Purchase 11 Sale 30 Sale May 8 Purchase 10 Sale 19 Sale 28 Purchase June 5 Sale 16 Sale 21 Purchase 28 Sale Required: 1. Record the inventory, purchases, and cost of merchandise sold data in a perpet FFO, if units are in inventory at tvo different costs, enter the units with the LOWER column. Schedule o

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