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: firo, if units are in inventiny at two daferent costs, enter the units wath the Lowth unit cost hist in the Cost of Merchandse sold Unit cost column and in the inventorr Unir cost 2. Determine the totai sales and the total cest of merthendise sols for the period. joumalize the entries in the sles and cost of merchandise sold accounts. Assume that all sales ner 3. Determine the gross profit from sales for the period. 4. Determine the ending inventory cost on 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