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 36 $150 $5,400 8 Purchase 72 180 12,960 11 Sale 48 500 24,000 30 Sale 30 500 15,000 May 8 Purchase 60 200 12,000 10 Sale 36 500 18,000 19 Sale 18 500 9,000 28 Purchase 60 220 13,200 June 5 Sale 36 525 18,900 16 Sale 48 525 25,200 21 Purchase 108 240 25,920 28 Sale 54 525 28,350 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. Rhodes Co. Perpetual Inventory Account LIFO Method For the three-months ended June 30 Purchases Cost of Merchandise Sold Inventory Unit Cost Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Total Cost Apr. 3 Apr. 8 $ Apr. 11 Apr. 30 May 8 May 10 II 10 May 19 May 28 I 1 June 5 I - June 16 June 21 June 28 June 30 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