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The beginning inventory at Dunne Co. and data on purchases and sales for a three-month...

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Accounting

The beginning inventory at Dunne Co. and data on purchases and sales for a three-month period ending June 30 are as follows: 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.
Dunne Co.
Schedule of Cost of Goods Sold
FIFO Method
For the Three Months Ended June 30 May 28
June 5
June 16
June 21
June 28
June 30 Balances amount box does not require an entry, leave it blank.
\begin{tabular}{lllll}
& Description & Debit & Credit \\
\hline Record sale & & & \\
Record cost & & &
\end{tabular}
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?
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