FlFO 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: Requlredt 1. Record the imventory, purchases, and cost of merchandise sold dato in a perpetual inventory record similar to the one illustrated in Lxhibit 3 , using the first-in, first-out method. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWEA unit cost first in the Cost of Merchandise Sold Unit Cost column and in the inventory Unit Cost column. 1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 3 , using the first-in, first-out mathod. Under FIFO, if Lnits are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Merchandise Sold Unit Cost column and in the Inventory Unit Cost column. 2. Determine the total sales and the total cost of merchandise sold for the period. Joumalize the entries in the sales and cost of merchandise sold accounts. Assume that alf sales were 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 on June 30. 5. Based upon the preceding data, would you expect the inventory using the last-in, frst-out methed to be higher or lower