1FO Perpetual Inventory The beginning inventory of merchandise at Rhodes Co. and data on purchases and sales for a three-month period ending June 30 are as follows: Date Number Transaction Per Unit of Units Total Apr. 3 Inventory 84 $450 $37,800 8 Purchase 168 540 90,720 11 Sale 113 1,500 169,500 30 Sale 71 1,500 106,500 May 8 Purchase 140 600 84,000 10 Sale 84 1,500 126,000 19 Sale 42 1,500 63.000 92,400 28 Purchase 140 660 June 5 Sale 84 1,575 132,300 16 Sale 112 1,575 176,400 181,440 21 Purchase 252 720 28 Sale 126 1,575 198,450 Required: 1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record sunilar to the one strated in Exhibiting the tastin, 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 Check My Work Previous All work saved Entor Save and Care Subot Asprement for Grading 28 Sale 126 1,575 198,450 Required: 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 last-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 Rhodes Co. Perpetual Inventory Account LIFO Method For the three-months ended June 30 Cost of Merchandise Sold Quantity Unit Cost Total Cost Purchases Unit Cost Inventory Unit Cost Date Quantity Quantity Total Cost 34 525 Apr. 3 84 525 X x 168 630 X 105,840 x Apr. 34 44100 Apr. 11 |Apr. 30 May 8 Previous Not > Oweck My Work SubmitAsimene for Grading Email instructor All work saved May 8 May 10 ID May 19 May 28 June 5 June 10 June 21 June 28 June 30 Balances Next > Check My Work Save and Sen for Grade All work saved June 21 Dune 28 June 30 Balances 2. Determine the total sales, the total cost of merchandise sold, and the gross profit from sales for the period. Total sales Total cost of merchandise sold Gross profit 3. Determine the ending Inventory cost on June 30. Check My Work 1. When the perpetual Inventory system is used, revenue is recorded each time a sale is made along with an entry to record the cost of the merchandise Check My Work Eman Save and Sub Astor All work saved