OBJ. 2, 4 The beginning inventory for Rhodes Co. and data on purchases and sales for a three-month period are shown in Problem 7-1B. Instructions 1. Determine the inventory on June 30 and the cost of merchandise sold for the three-month period, using the first-in, first-out method and the periodic inventory system. 2. Determine the inventory on June 30 and the cost of merchandise sold for the three-month period, using the last-in, first-out method and the periodic inventory system. Answer 3. Determine the inventory on June 30 and the cost of merchandise sold for the three-month period, using the weighted average cost method and the periodic inventory system. Round the weighted average unit cost to the dollar 4. Compare the gross profit and June 30 inventories using the following column headings: FIFO LIFO Weighted Average Sales Cost of merchandise sold Gross profit Inventory, June 30 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 Per Unit Total Apr. 3 Inventory 8Purchase 11 Sale 30 Sale May 8Purchase 10 Sale 19 Sale 28 Purchase June 5 Sale 16 Sale 21 Purchase 28 Sale Number of Units 40 120 60 50 100 80 30 120 60 40 180 190 $ 670 690 1,120 1,120 700 1,120 1,120 707 1,260 1,260 712 1,260 $ 26,800 82,800 67,200 56,000 70,000 89,600 33,600 84,840 75,600 50,400 128,160 239,400