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: Number Date Transaction Per Unit Total of Units Apr. 3 Inventory 90 $600 $54,000 8 Purchase 180 720 129,600 11 Sale 121 2,000 242,000 30 Sale 76 2,000 152,000 May 8 Purchase 150 800 120,000 10 Sale 90 2,000 180,000 19 Sale 45 2,000 90,000 28 Purchase 150 880 132,000 June 5 Sale 90 2,100 189,000 16 Sale 120 2,100 252,000 21 22 Purchase 270 960 259,200 28 Sale 135 2,100 283,500 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 IFO, 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. Rhodes Co. Perpetual Inventory Account LIFO Method For the three-months ended June 30 Date Quantity Purchases Unit Cost Total Cost Quantity Cost of Merchandise Sold Unit Cost Inventory Total Cost Quantity Unit Cost Total Cost Apr. 3 pr. 8 Apr 11 Apr 30 May B Apr. 11 Show Me How Apr. 30 May May 10 May 19 May 28 June 5 June 5 June 16 June 21 June 28 ine 301 Balances 2. Determine the total sales, the total cost of merchandise sold, and the gross profit from sales for the period. Total sales Total cost of merchandise sold Gross profit 3. Determine the ending Inventory cost on June 30.