LIFO 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:

Date		Transaction	Number of Units		Per Unit		Total
Apr. 3		Inventory	66		$450		$29,700
8		Purchase	132		540		71,280
11		Sale	88		1,500		132,000
30		Sale	55		1,500		82,500
May 8		Purchase	110		600		66,000
10		Sale	66		1,500		99,000
19		Sale	33		1,500		49,500
28		Purchase	110		660		72,600
June 5		Sale	66		1,575		103,950
16		Sale	88		1,575		138,600
21		Purchase	198		720		142,560
28		Sale	99		1,575		155,925

2. Determine the total sales, the total cost of merchandise sold, and the gross profit from sales for the period. 3. Determine the ending inventory cost on June 30 . Feedoack record. Sales minus cost of merchandise sold equals gross profit. ending inventory. Required: 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