FIFO Perpetual Inventory The beginning inventory of menchandise at Rhodes Co, and data on purchases and sales for a three-month period ending June 30 are as followis: 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 inventory using the last-in, first-out mathod to be higher or lower