Rhodes Co. Schedule of Cost of Merchandise Sold FIFO Method For the three-months ended June 30 \begin{tabular}{|c|c|c|c|c|c|c|c|} \hline & \multicolumn{3}{|c|}{ Purchases } & \multicolumn{3}{|c|}{ Cost of Merchandise Sold } & \multirow[b]{2}{*}{ Quantity } \\ \hline Date & Quantity & Unit Cost & Total Cost & Quantity & Unit Cost & Total Cost & \\ \hline \multicolumn{8}{|l|}{ Apr. 3} \\ \hline Apr. 8 & & $ & $ & & & & \\ \hline \multicolumn{8}{|l|}{ Apr. 11} \\ \hline \multicolumn{8}{|l|}{ Apr. 30} \\ \hline \multicolumn{8}{|l|}{ May 8} \\ \hline \multicolumn{8}{|l|}{ May 10} \\ \hline \multicolumn{8}{|l|}{ May 19} \\ \hline \multicolumn{8}{|l|}{ May 28} \\ \hline \multicolumn{8}{|l|}{ June 5} \\ \hline \multicolumn{8}{|l|}{ June 16} \\ \hline \multicolumn{8}{|l|}{ June 21} \\ \hline \multirow{2}{*}{\multicolumn{8}{|c|}{ June 28}} \\ \hline & & & & & & & \\ \hline June 30 & Balances & & & & & $ & \\ \hline \end{tabular} 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. Determine the gross profit from sales for the period. $ Determine the ending inventory cost as of June 30 . $ Based upon the preceding data, would you expect the inventory using the lastin, first-out method to be higher or lower? 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: Required: 1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 3, using the firstin, first-out method. Under FIFO, 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