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: 2. Determine the total sales and the total cost of merchandise sold for the period. Journalize the entries in the saies and cost of merchandise sold accounts. Assume that all sales were on account. If an amount box does not require an entry, leave it blank. 3. Determine the gross profit from soles for the period. 1. 4. Determine the ending inventary cost on Juhe 30 5. Based upon the preceding data, would you expect the inventory using the Laut-in, fust-out method to be higher of iawer