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 90 $225 $20,250 8 Purchase 180 270 48,600 11 Sale 120 750 90,000 30 Sale 75 750 56,250 May 8 Purchase 150 300 45,000 10 Sale 90 750 67,500 19 Sale 45 750 33,750 28 Purchase 150 330 49,500 June 5 Sale 90 790 71,100 16 Sale 120 790 94,800 21 Purchase 270 360 97,200 28 Sale 135 790 106,650 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. Required: 1. Record the Inventory, purchases, and cost af merchandise sold data in a perpetual inventory record similar to the chestrated 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 Caluin. Rhodes Co. Schedule of Cost of Merchandise Sold FIFO Method For the three-months ended June 30 Cast of Merchandise Sold Purchases Inventory Unit Cost Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Total Cost Aar: 3 Aar: 8 180 $ 270 $ 48,600 $ Apr 11 Apr 30 May B 150 300 45,000 May 10 May 19 May 28 150 330 49,500 June 5 June 16 June 21 270 360 97,200 lune 28 June 30 Balances 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 account. If an amount box does not require an entry, leave it 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. $ 5. Based upon the preceding data, would you expect the inventory using the last-in, first-out method to be higher or lower