Fpr financial and managerial acccounting version 14, how would this be solved?

Chapter 6 Inventories 327 ns: Series B 14.474 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: TEMPLATE Number of Units Date Apr. 3 8 11 30 May & 10 19 28 June 5 16 21 28 Transaction Inventory Purchase Sale Sale Purchase Sale Sale Purchase Sale Sale Purchase Sale Per Unit $1,200 1.240 2,000 2.000 1,260 2.000 2,000 1,260 2.250 2.250 1.264 2,250 Total $30,000 93,000 80,000 60,000 75,600 100,000 40,000 100,800 90,000 56,250 44,240 99,000 35 44 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? ofit, 170 PR 6-2B LIFO perpetual inventory Obj. 2,3 The beginning inventory for Dunne Co. and data on purchases and sales for a three month period are shown in Problem 6-1B. Instructions Record the inventory, purchases, and cost of goods sold data in a perpetual 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 goods sold, and the gross profit from sales for PLATE the period