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 infirstout method. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Merchandise Sold Unit Cost column and in the Inventory Unit Cost column

(not shown is a collom all the way to the right on schedule of cost of merchandise sold)

2. Determine the total sales and the total cost of merchandise sold for the period. Journalize the entries in the sales and cost of merchandise sold accounts Assume that all sales were on accountan amount box does not require an entry, leave it blank.

1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one iliustroted in Exhibit 3 , using the first-in, first-out method. Under fIfo, If units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Merchandise Soid Unt Cost column and in the Inventery Unit Cost column. 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, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Merchandise: Sold Unit Cost column and in the Inventory Unit Cost column. 3. Determine the gross profit from sales for the period. 4. Determine the ending inventory cest as of June 30. 5. Based upon the preceding data, would you expect the inventory using the last-in, first-out method to be higher or lower