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: Number of Units Date Transaction Per Unit Total $17,550 Apr. 3 Inventory 78 $225 8 Purchase 156 270 42,120 11 Sale 104 750 78,000 30 Sale 65 750 48,750 May 8 Purchase 130 300 39,000 10 Sale 78 750 58,500 19 Sale 39 750 29,250 28 Purchase 130 330 42,900 June 5 Sale 78 790 61,620 16 Sale 104 790 82,160 21 Purchase 234 360 84,240 28 Sale 117 790 92,430 Required: Check My Work Required: 1. Record the inventary, purchases, and cost of merchandise sola data in a perpetual inventory record similar to the one strated in K3, using the first stout method. under FIFO, ants 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 Cont 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 1 Apr. Apr. 30 - - Hart Mars I May 10 May 19 May 20 June 5 une 1 une 21 une 28 une 30 Balances 2. Duter the sales and the total cost of merchandises for the durate the entries in the sales and cost mand sold out. Assume that all sales were on an amount bon does not requre an entry leave it blank Description Pet Ref Credit June 2 - June 30 2. Determine the sales and the total cost of hande sold for the period. Journaline the entry these and cost of merchandisi warnant. It an amount con require an entry, leave it bank Description Fot. Ral DDR Credit Record sale Accouncil Tacord cu ce Merchandise Merchandise inventory 2. Determine the group trama 4. Dine the ending into 5. Med upon the wing you the way in the method a higher or lower