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: Rhodes Co. Schedule of Cost af Merchandise Sold FIfO Method For the three-months ended June 30 Grock My Work Frevious Neat 3 2. Determine the total sales aod the total cost of merchandise sold for the period. Joumalise the entries in the sules and cost of merchandse sold accounts. Assume that all sales were on account, If an amount box dees net require an entry, leave it blank. 7 AstenACION Cip. 7 account. If an amount box does not reguire an esery, leave ic bunk. 3. Determine the grous pront frem sales for the period. 4. Determine the ending inventary coot as of June 32 . 5. Based upon the preceding data, would you expect the inventery ituing the int-in, fint-pit method to be higher or lower? Lower = 1. Fifo means that the frat units purchssed aco assumied to be the fint to be sold. Thereicore, ending imrentory is mace up of the most recort purchases. Think of your ieventory? Crodk My Work Assignmem scorei 83.36% At work suved