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 entrv. leave it blank.

1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 4 , using the Iast-in, first-out method. Under LiFO, if units are in inventory at two different costs, enter the units with the HIGHER unit cost first in the Cost of Merchandise Sold Unit Cost column and Lower unit cost first in the Inventory Unit Cost column. 3. Determine the ending inventory cost on June 30. Perpetual Inventory The beginning inventory of merchandise at Rhodes Co. and data on purchases and sales for a three-month beriod ending June 30 are as follows: \begin{tabular}{|l|l|l|l|l|l|l|l|} \hline May 10 & & & & & & & \\ \hline \end{tabular} 1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 4 , using the Iast-in, first-out method. Under LiFO, if units are in inventory at two different costs, enter the units with the HIGHER unit cost first in the Cost of Merchandise Sold Unit Cost column and Lower unit cost first in the Inventory Unit Cost column. 3. Determine the ending inventory cost on June 30. Perpetual Inventory The beginning inventory of merchandise at Rhodes Co. and data on purchases and sales for a three-month beriod ending June 30 are as follows: \begin{tabular}{|l|l|l|l|l|l|l|l|} \hline May 10 & & & & & & & \\ \hline \end{tabular}