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: Required: Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the on Inder 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 con 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 wer on account. If an amount box does not require an entry, leave it blank. 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 accou on account. If an amount box does not require an entry, leave it blank. 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