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 54 Per Unit Total Apr. 3 Inventory $525 528,350 8 Purchase 108 630 68,040 11 Sale 72 1.750 126,000 30 Sale 45 1,750 78,750 May 8 Purchase 90 700 63,000 10 Sale 54 1,750 94,500 19 Sale 27 1,750 47,250 28 Purchase 90 770 69,300 June 5 Sale 54 1,840 99,360 16 Sale 72 1,840 132,480 21 Purchase 162 840 136,080 28 Sale 81 1,840 149,040 1. Record the very purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one strated in Exhibit , using the first in, first-out method. Under Firo, il units are in inventory at two different costs, and the unit with the LOWER un cost first in the cast of Merchandise Sold Limit Cost column and in the Inventory Unit Cost colum. Rhodes Co. Schedule of Cost of Marchandise Sold FIFO Method For the three months anded June 30 Purchase Cost of Merchandise Sold Inventory Data Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost a = 1 UL A. 30 a May B May 10 0 May 19 May 28 une 16 une 21 une 30 Balans 2. Delmine the total sales and the total cost of merchandise sold for the period. Journalize the entries in the sales and col merchandise sold accounts. Assume that all wire on account. If an aman box does not require an entry, leave it blank. Description Past. Rur. Dubit Credit cond sale acord cost 3. Demine the gross profit from Sales for the period. 4. Delmine the ending inventory cost as of June 30. 5. Based upon the preceding dala, would you expect the inventory using the last-in, first-out method to be higher or low