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 84 $450 $37,800 B Purchase 168 540 90,720 11 Sale 113 1,500 169,500 30 Sale 71 1,500 106,500 May 5 Purchase 140 600 84,000 10 Sale 84 1,500 126,000 19 Sale 42 1,500 63,000 28 Purchase 140 660 92,400 June 5 Sale 84 1,575 132,300 16 Sale 112 1,575 176,400 21 Purchase 252 28 Sale 126 720 1,575 181,440 198,450 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 un 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. HIGHER unit cost first in the Cost of Merchandise Sold Unit Cost column and Rhodes Co. VER Unit LOSE T Perpetual Inventory Account LIFO Method. For the three-months ended June 30 Cost of Merchandise Sold Purchases Date Quantity Unit Cost Total Cost Quantity Apr. 31 Apr. 8 Apr. 11 Apr. 30 May 81 May 10 May 191 May 281 June 5 June 16 June 211 June 28 June 30 Balances 168 540 90,72 Inventory Unit Cost Total Cost Quantity Unit Cost Total Cost 84 450 37,80 84 450 37,80 168 540 90,72 84 450 37,80 113 540 61,02 113 540 61,02 71 540 38,34 84 450 37,80 42 540 22,68 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.