he beginning inventory of merchandise at Rhodes Co. and data on purchases and sales for a three-month period ending June 30 are as follows:

Date Transaction Number of Units Per Unit Total

Apr. 3 Inventory 60 $150 $9,000

Apr. 8 Purchase 120 180 21,600

Apr. 11 Sale 80 500 40,000

Apr. 30 Sale 50 500 25,000

May 8 Purchase 100 200 20,000

May10 Sale 60 500 30,000

May19 Sale 30 500 15,000

May28 Purchase 100 220 22,000

June 5 Sale 60 525 31,500

June16 Sale 80 525 42,000

June21 Purchase 180 240 43,200

June28 Sale 90 525 47,250

Required:

1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 4, using the last-in, first-out method. Under LIFO, if units are in inventory at two different costs, enter the units with the HIGHER unit cost first in the Cost of Merchandise Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column.