vy The te vetory of merchandise et des sont donc and see on period ending Ane wew Humber Date Transaction of Units Per Unit Yotal Arawy 36 3525 12.00 Pure 72 630 45.10 11 Sale 48 1.70 14,000 30 30 1.750 $2.500 700 42,000 70 1.750 61,000 . 19 10 1.750 31.500 20 Puch 60 720 4.300 Sunes Sale 36 1,140 66.240 1S 4 1,140 16,320 21 100 840 90.720 54 99,0 Required 1. Record the invertory. Durchases, and cont of merchandise word data in perpetua inventory record start the one who, the fint, first to under Frontare in the oferec me the units with the LOWER first in the cost of Merchandise Sold Unit Carton and in the entry in Costa Rhodes Co. Schedule of Cost of Merchandise Sold FIFO Method For the three months ended June 30 Purchases Coat of Merchandise Sold Inventory Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Un Coat Total com . w Cast of the FI that Center ) Quante Total w Mer he NI UC De PE 2. Dhe theme for the presented with an Dar Cal Rec 3. Determine the grow from other 4. mantengan 5. Best Dept, wodd you expecting the first had to be higher or Number Date Transaction of Units Per Unit Total Apr. 3 Inventory 36 $525 $18,900 8 Purchase 72 630 45,360 11 Sale 48 1,750 84,000 30 Sale 30 1,750 52,500 May 8 Purchase 60 700 42,000 10 Sale 36 1,750 63,000 19 Sale 18 1,750 31,500 28 Purchase 60 770 46,200 June 5 Sale 36 1,840 66,240 16 Sale 48 1,840 88,320 21 Purchase 108 840 90,720 28 Sale 54 1,840 99,360 Required: 1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one mustrated in Exhibit 3, using the first in, first-out method. Under FT 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 Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Date |Apr 3 Ape. Apr. 11 - Apr 30 - May - I May 10 May 19 - May 28 June 5 one 5 lone 16 1 June 25 June 30 Balances 2. Determine the total sales and the total cost of merchandise sold for the period. Journal the entries in the sales and cost of merchandise solaccounts. Assume that alles were on account. It an amount box does not require an entry leave it blank Description Post Rel. Debit Credit Records Racord cost 3. Determine the gross profit from sales for the period 4. Determine the ending inventory cost as of June 30 5. Based upon the preceding data, would you expect the inventory using the first out to be higher or lower June 30 Balances 2. Determine the total sales and the total cost of merchandise sold for the period. Journalize the entries in the sales and cost of box does not require an entry, leave it blank. Description Post. Ref. Debit Credit Record sale Record cost 3. Determine the gross profit from sales for the period. 4. Determine the ending inventory cost as of June 30