The beginning inventory at RTE Office Supplies and data on purchases and sales for a three-month period ending August 31, 2013, are as follows:

(1) Record the inventory, pruchases, and cost of merchandise sold date in a perpetual inventory record, using the first-in, first-out method.

(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.

(3) Determine the gross profit from sales for the period.

(4) Determine th ending inventory cost as of August 31, 2013.

Date	Purchases	Cost of Merchandise Sold	Inventory
Quantity	Unit Cost	Total Cost	Quantity	Unit Cost	Total Cost	Quantity	Unit Cost	Total Cost
June 1	600	$30.00	$ 14,000
10
1,700	$36.00	$ 55,000
28
30
July 5
10
16
28
Aug. 5
14
25
30
31	Balances
JOURNAL
Description	Debit	Credit
Gross profit for the sales period
Ending inventory cost
Inventory under LIFO would be	lower