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 66 $600 $39,600 8 Purchase 132 720 95,040 11 Sale 88 2,000 176,000 30 Sale 55 2,000 110,000 May 8 Purchase 110 800 88,000 10 Sale 66 2,000 132,000 19 Sale 33 2,000 66,000 28 Purchase 110 880 \ 96,800 June 5 Sale 66 2,100 138,600 16 Sale 88 2,100 184,800 21 Purchase 198 960 28 Sale 99 2,100 190,080 207,900 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 in 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