Chapter 6 Inventories 327 blems: Series B pro PR 6-1B FIFO perpetual inventory Obj. 2, 3 The beginning inventory at Dunne Co. and data on purchases and sales for a three-month period ending June 30 are as follows: Date Transaction of Units Apr. 3 Inventory $1,200 30,000 8 Purchase 1,240 2,000 93,000 80,000 60,000 75,600 100,000 40,000 100,800 90,000 56,250 44,240 11 Sale 30 Sale May 8 Purchase 10 Sale 19 Sale 1,260 2,000 28 Purchase 1,260 2,250 2,250 June 5 Sale 16 Sale 21 Purchase 28 Sale 2,250 99,000 Instructions 1. Record the inventory, purchases, and cost of goods 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 goods sold for the period. Journalize the entries in the sales and cost of goods 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 ending inventory using the last-in, first-out method to be higher or lower? PR 6-18 (2) - Protected View-Exce AutoSaveOf File Home Insert Draw Page Layout Formulas Data Review View Help Tell me what you want to do D2 nventory Unit Purchases Cost of Goods Sold 14 1. 15 Unit Total Unit Total Cost 16 Date Quantity Cost Cost Quantity Cost Cost Quantity Cost 25 $1,200$ 30,000 17 Apr 3 18 19 20 21 30 23 May 8 24 25 26 27 28 29 10 19 28 0 June 5 31 32 16 21 35 28 30 Balances Pr.6-1B O Type here to search File D2 A B 38 39 JOURNAL 40 2. 42 43 Debit Credit Description 45 46 47 48 49 50 51 3. 52 53 54 55 4 56 57 58 59 5 60 61 62 63 64 Gross profit for the sales period Ending inventory cost Inventory under LIFO would be 65 Pr. 6-1B Type here to search D2 Problem 6-1B Name: Section: Score: 0% Key Code: [Key code herel nstructions Answers are entered in the cells with gray backgrounds 0 Cells with non-gray backgrounds are protected and cannot be edited. 1 An asterisk (") will appear to the right of an incorrect entry. In part 1, only final inventory cost-Column K- will be graded