now how FIFO 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 Transaction of Units Total Apr. Inventory 84 $150 $12,600 Purchase 30,240 Date Per Unit 8 168 180 11 Sale 112 500 56,000 30 Sale 70 500 35,000 May 8 Purchase 140 200 28,000 10 Sale 84 500 42,000 19 Sale 42 500 21,000 28 Purchase 140 220 30,800 June 5 Sale 84 525 44,100 16 Sale 112 525 58,800 21 Purchase 252 240 60,480 28 Sale 126 525 66,150 Required: 1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in that, using the first-in, first-out method. Under Firo, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the cost of Merchandise Sold Unit Cost column and in the inventory Unit Cost column. Rhodes Co. Schedule of Cost of Merchandise Sold FIFO 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 A. Apr. 30 May - May 10 May 10 | May 19 May 28 June 5 June 16 June 21 June 28 June 30 Balances 2. Determine the total sales and the total cost of merchandise sold for the period. Journalize the entries in the sales and cost of merchandise sold accounts. Assume that all sales were on account. If an amount box does not require an entry, leave it blank Description Post. Ref. Debit Credit Record sale 2. Vermine the total sales and the total cost of merchandise sold for the period. Journalize the entries in the sales and cost of merchandise sold accounts. Assume that all sales were on account. If an amount box does not require an entry, leave it blank Description Post. Rer Debit Credit Record sale Record cost 3. Determine the gross profit from sales for the period. 4. Determine the ending inventory cost as of June 30 5. Based upon the preceding data, would you expect the inventory using the last in, first-out method to be higher or lower