Question: Someone please explain how to solve the blank areas :( FIFO Perpetual Inventory The beginning inventory at Dunne Co. and data on purchases and sales



Someone please explain how to solve the blank areas :(
FIFO Perpetual Inventory The beginning inventory 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 Per Unit Total Apr. 3 Inventory 36 $450 $16,200 8 Purchase 72 540 38,880 11 Sale 48 1,500 72,000 30 Sale 30 1,500 45,000 May 8 Purchase 60 600 36,000 10 Sale 36 1,500 54,000 19 Sale 18 1,500 27,000 28 Purchase 60 660 39,600 56,700 June 5 Sale 36 1,575 16 Sale 48 1,575 75,600 21 Purchase 108 720 77,760 28 Sale 54 1,575 85,050 Required: units are 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, in inventory at two different costs, enter the units with the LOWER unit cost first in the cost of Goods Sold Unit Cost column and in the Inventory Unit Cost column. Schedule of Cost of Goods Sold FIFO Method For the Three Months Ended June 30 Cost of Goods Sold Inventory Purchases Unit Cost Date Quantity Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Apr. 3 36 450 $ 16,200 36 450 16,200 Apr. 8 72 $ 540 38,880 72 540 38,880 $ $ Apr. 11 Apr. 30 30 30 30 540 16,200 May 8 60 600 36,000 60 600 36,000 May 10 May 19 18 May 28 60 660 39,600 60 660 39,600 June 5 36 June 16 48 60 660 39,600 June 5 36 June 16 48 June 21 108 720 77,760 108 7207 77,760 June 28 June 30 Balances 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. If an amount box does not re an entry, leave it blank. Record sale Accounts Receivable Sales Record cost Cost af Goods Sold Inventory 3. Determine the gross profit from sales for the period. 4. Determine the ending inventory cost as of 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? Lower
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