FIFO Perpetual Inventory The beginning inventory of merchandise at Rhodes Co. and data on purchases and...

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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: Date Transaction Number of Units Per Unit Total Apr. 3 Inventory 72 $525 $37,800 8 Purchase 144 630 90,720 11 Sale 96 1,750 168,000 30 Sale 60 1,750 105,000 May 8 Purchase 120 700 84,000 10 Sale 72 1,750 126,000 19 Sale 36 1,750 63,000 28 Purchase 120 770 92,400 June 5 Sale 72 1,840 132,480 16 Sale 96 1,840 176,640 21 Purchase 216 840 181,440 28 Sale 108 1,840 198,720 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. 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: Date Transaction Number of Units Per Unit Total Apr. 3 Inventory 72 $525 $37,800 8 Purchase 144 630 90,720 11 Sale 96 1,750 168,000 30 Sale 60 1,750 105,000 May 8 Purchase 120 700 84,000 10 Sale 72 1,750 126,000 19 Sale 36 1,750 63,000 28 Purchase 120 770 92,400 June 5 Sale 72 1,840 132,480 16 Sale 96 1,840 176,640 21 Purchase 216 840 181,440 28 Sale 108 1,840 198,720 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.