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 of Units Per Unit Total Apr. 3 Inventory 40 $670 $26,800 8 Purchase 120 690 82,800 11 Sale 60 1,120 67,200 30 Sale 50 1,120 56,000 100 700 70,000 May 8 Purchase 10 Sale 80 1,120 89,600 19 Sale 30 1,120 33,600 28 Purchase 120 707 84,840 June 5 Sale 60 1,260 75,600 16 Sale 40 1,260 50,400 21 Purchase 180 712 128,160 28 Sale 190 1,260 239,400 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 Cost Apr. 3 40 s 670 26,800 100 700 7,000 Apr. & 120 690 82,800 80 690 56,000 Apr. 11 60 1,120 41,100 Apr. 30 50 685 34,250 May 8 100 700 700 70,000 May 10 80 30 May 19 30 May 19 May 28 120 707 84,810 June 5 II June 16 June 21 180 712 128,160 190 June 28 510 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 5 Gross profit 3. Determine the ending inventory cost on June 30