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FIFO perpetual Inventory The beginning inventory of merchandise at Rhodes Cow 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 78 5150 $11,700 8 Purchase 156 180 28,080 11 Sale 104 500 $2,000 30 Sale 65 500 32.500 May B Purchase 130 200 26,000 10 Sale 78 500 39,000 19 Sale 39 500 19,500 28 Purchase 130 220 28,600 June 5 Sale 78 525 40.950 16 Sale 104 525 54,600 21 Purchase 214 240 56,160 28 Sale 525 61,425 1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit), using the first in, first out method Under FIFO, W 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 colume 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 (Apr. 78 150 11,700 78 150 (Apr. 103 180 19,440 x 11,700 28,010 156 INO 105 X 180 18,900 X 150 11,700 Apt. 11 (Apr 30 May 10 (May 19 Mity 28 Juries June 16 June 21 une 2 une sonlances 118,060 x 31,600 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 Post Description Debit Ref Credit Record Accounts Receivable 207,675 Sales 207,675 Record Cost of Merchandise Sale Merchandise inventory 3. Determine the profit from sales for the period. 23,760 X 1. Determine the ending inventory cost is of June 30 2:1,760 X 5. based upon the preceding data, would you expect the won the last stout method to be her tower Lower