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 48 $150 $7,200 8 Purchase 96 180 17,280 11 Sale 64 500 32,000 30 Sale 40 500 20,000 May 8 Purchase 80 200 16,000 10 Sale 48 500 24,000 19 Sale 24 500 12,000 28 Purchase 80 220 17,600 June 5 Sale 48 525 25,200 16 Sale 64 525 33,600 21 Purchase 144 240 34,560 28 Sale 72 525 37,800 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 Cost of Merchandise Sold Quantity Unit Cost Total Cost Purchases Inventory Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Apr. 3 Apr. 11 Apr. 30 A 100 May 10 May 19 - - - I 1 1 June 16 - I June 21 June 30 Balances 2. Determine the total sales, the total cost of merchandise sold, and the gross profit from sales for the period. 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