(Learning Objectives 1, 2: Show how to account for inventory transactions; apply the FIFO cost method) Accounting records for Dundas Corporation yield the following data for the year ended June 30, 2012:

Inventory, June 30, 2011	$10,000
Purchases of inventory (on account)	46,000
Sales of inventory83% on account; 17% for cash (cost $39,000)	75,000
Inventory at FIFO, June 30, 2012	17,000

? Requirements

1. Journalize Dundas inventory transactions for the year under the perpetual system.

2. Report ending inventory, sales, cost of goods sold, and gross profit on the appropriate financial statement.