FIFO 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: Number Date Transaction of Units Per Unit Total Apr. 3 Inventory 54 $150 $8,100 8 Purchase 108 180 19,440 11 Sale 72 500 36,000 30 Sale 45 500 22,500 May 8 Purchase 90 200 18,000 10 Sale 54 500 27,000 19 Sale 27 500 13,500 28 Purchase 90 220 19,800 June 5 Sale 54 525 28,350 16 Sale 72 525 37,800 21 Purchase 162 240 38,880 28 Sale 81 525 42,525 Required: 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 the Cost of Merchandise Sold Unit Cost column and in the Inventory Unit Cost column. Rhodes Co. Schedule of Cost of Merchandise Sold FIFO Method For the three-months ended June 30 Purchases Cost of Merchandise Sold Inventory Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Apr. 3 $ $ Apr, 8 $ Apr. 11 Apr. 30 May 8 May 10 May 19 May 28 June 5 June 16 June 21 June 28 June 30 Balances f merchandise sold accounts. Assume that all sales were on account. If an amount box 2. Determine the total sales and the total cost of merchandise sold for the period. Journalize the entries in the sales and cost does not require an entry, leave blank Description Post. Ref. Debit Credit Record sale Record cost 3. Determine the gross profit from sales for the period. $ 4. Determine the ending inventory cost as of June 30