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 Number of Units Per Unit Total Apr. $3$ Inventory $42$ $$600$ $$25,2008$ Purchase $8472060,48011$ Sale $562,000112,00030$ Sale $352,00070,000$ May $8$ Purchase $7080056,00010$ Sale $422,00084,00019$ Sale $212,00042,00028$ Purchase $7088061,600$ June $5$ Sale $422,10088,20016$ Sale $562,100117,60021$ Purchase $126960120,96028$ Sale $632,100132,300$ 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 first$-$in$,$ 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. 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. $3$ fill in the blank $1$ $fill in the blank $2$ $fill in the blank $3$ Apr. $8$ fill in the blank $484$ $fill in the blank $5720$ $fill in the blank $660,480$ fill in the blank $7$ fill in the blank $8$ fill in the blank $9$ fill in the blank $10$ fill in the blank $11$ fill in the blank $1260,480$ Apr. $11$ fill in the blank $1342$ $fill in the blank $14600$ $fill in the blank $15$ fill in the blank $16$ fill in the blank $17$ fill in the blank $18$ fill in the blank $1914$ fill in the blank $20$ fill in the blank $21$ Apr. $30$ fill in the blank $2235$ fill in the blank $23$ fill in the blank $24$ fill in the blank $25$ fill in the blank $26$ fill in the blank $27$ May $8$ fill in the blank $2870$ fill in the blank $29800$ fill in the blank $3056,000$ fill in the blank $31$ fill in the blank $32$ fill in the blank $33$ fill in the blank $34$ fill in the blank $35$ fill in the blank $36$ May $10$ fill in the blank $37$ fill in the blank $38$ fill in the blank $39$ fill in the blank $40$ fill in the blank $41$ fill in the blank $42$ fill in the blank $43$ fill in the blank $44$ fill in the blank $45$ May $19$ fill in the blank $4621$ fill in the blank $47$ fill in the blank $48$ fill in the blank $49$ fill in the blank $50$ fill in the blank $51$ May $28$ fill in the blank $5270$ fill in the blank $53880$ fill in the blank $5461,600$ fill in the blank $55$ fill in the blank $56$ fill in the blank $57$ fill in the blank $58$ fill in the blank $59$ fill in the blank $60$ June $5$ fill in the blank $6142$ fill in the blank $62$ fill in the blank $63$ fill in the blank $64$ fill in the blank $65$ fill in the blank $66$ June $16$ fill in the blank $6756$ fill in the blank $68$ fill in the blank $69$ fill in the blank $70$ fill in the blank $71$ fill in the blank $72$ June $21$ fill in the blank $73126$ fill in the blank $74960$ fill in the blank $75120,960$ fill in the blank $76$ fill in the blank $77$ fill in the blank $78$ fill in the blank $79$ fill in the blank $80$ fill in the blank $81$ June $28$ fill in the blank $82$ fill in the blank $83$ fill in the blank $84$ fill in the blank $85$ fill in the blank $86$ fill in the blank $87$ fill in the blank $88$ fill in the blank $89$ fill in the blank $90$ June $30$ Balances $fill in the blank $91$ $fill in the blank $922.$ 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 Accounts Receivable fill in the blank $94$ fill in the blank $95$ Sales fill in the blank $97$ fill in the blank $98$ Record cost Cost of Merchandise Sold fill in the blank $100$ fill in the blank $101$ Merchandise Inventory fill in the blank $103$ fill in the blank $1043.$ Determine the gross profit from sales for the period. $fill in the blank $1054.$ Determine the ending inventory cost as of June $30.$ $fill in the blank $1065.$ Based upon the preceding data, would you expect the inventory using the last$-$in$,$ first$-$out method to be higher or lower? Lower Feedback Area Feedback $1.$ FIFO means that the first units purchased are assumed to be the first to be sold. Therefore, ending inventory is made up of the most recent purchases. Think of your inventory in terms of "layers." The first sale comes from the oldest layer, which is beginning inventory. When deciding which layer to use for costing of the next sale ask yourself: $"$Is the remaining amount of the beginning inventory layer enough to satisfy the second sale?" If not, the other units sold should be taken from the next purchase layer, which then contains the oldest costs. Continue this process for each transaction. If you have completed the problem correctly, the remaining units