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 42 $ 150 $6,300 8 Purchase 84 180 15,120 11 Sale 56 500 28,000 30 Sale 35 500 17,500 May 8 Purchase 70 200 14,000 10 Sale 42 500 21,000 19 Sale 21 500 10,500 28 Purchase 70 220 15,400 June 5 Sale 42 525 22,050 16 Sale 56 525 29,400 21 Purchase 126 240 30,240 28 Sale 63 525 33,075 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 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 Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Apr. 3 42 150 6, 42 150 6, Wpr. 8 84 180 15,120 84 180 15,1 70 180 X 12, Apr. 11 14 X 500 X $ 7,000 X 35 500 X 17,500 X Apr. 30 May 8 May 10 11 Il May 19 May 28 June 5 June 16 June 21 June 28 June 5 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