LIFO 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 Date Transaction Per Unit Total of Units Apr. 3 Inventory 84 $225 $18,900 8 Purchase 168 270 45,360 11 Sale 113 750 84,750 30 Sale 71 750 53,250 May 8 Purchase 140 300 42,000 m 10 Sale 84 750 63,000 19 Sale 42 750 31,500 28 Purchase 140 330 46,200 June 5 Sale 84 790 66,360 16 Sale 112 790 88,480 21 Purchase 252 360 126 790 28 Sale 90,720 99,540 Required: 1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 4, using the last-in, first-out method. Under LIFO, if units are in inventory at two different costs, ent units with the HIGHER unit cost first in the Cost of Merchandise Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column. Rhodes Co. Perpetual Inventory Account LIFO Method For the three-months ended June 30
LIFO 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 Date Transaction Per Unit Total of Units Apr. 3 Inventory 84 $225 $18,900 8 Purchase 168 270 45,360 11 Sale 113 750 84,750 30 Sale 71 750 53,250 May 8 Purchase 140 300 42,000 m 10 Sale 84 750 63,000 19 Sale 42 750 31,500 28 Purchase 140 330 46,200 June 5 Sale 84 790 66,360 16 Sale 112 790 88,480 21 Purchase 252 360 126 790 28 Sale 90,720 99,540 Required: 1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 4, using the last-in, first-out method. Under LIFO, if units are in inventory at two different costs, ent units with the HIGHER unit cost first in the Cost of Merchandise Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column. Rhodes Co. Perpetual Inventory Account LIFO Method For the three-months ended June 30
Financial And Managerial Accounting
15th Edition
ISBN:9781337902663
Author:WARREN, Carl S.
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Chapter6: Inventories
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Problem 2PB: LIFO perpetual inventory The beginning inventory for Dunne Co. and data on purchases and sales for a...
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![LIFO 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
Apr. 3
Inventory
8 Purchase
Sale
Sale
11
30
May 8
10
19
28
June 5
16
21
28
Purchase
Date
Sale
Sale
Purchase
Sale
Sale
Purchase
Sale
84
168
113
Quantity
71
140
84
42
140
84
112
252
126
Per Unit Total
$225
270
750
750
300
750
750
330
790
790
360
790
Required:
1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 4, using the last-in, first-out method. Under LIFO, if units are in inventory at two different costs, enter the
units with the HIGHER unit cost first in the Cost of Merchandise Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column.
Rhodes Co.
Perpetual Inventory Account
LIFO Method
For the three-months ended June 30
Cost of Merchandise Sold
Unit Cost
$18,900
45,360
84,750
53,250
42,000
Purchases
Unit Cost
63,000
31,500
46,200
66,360
88,480
90,720
99,540
Total Cost
Quantity
Total Cost
Quantity
Inventory
Unit Cost
Total Cost](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb513605f-3b24-4055-8970-73d38e831acc%2F656fd60b-5023-4faf-b4c4-0009374beb94%2Fzvlxd2_processed.png&w=3840&q=75)
Transcribed Image Text:LIFO 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
Apr. 3
Inventory
8 Purchase
Sale
Sale
11
30
May 8
10
19
28
June 5
16
21
28
Purchase
Date
Sale
Sale
Purchase
Sale
Sale
Purchase
Sale
84
168
113
Quantity
71
140
84
42
140
84
112
252
126
Per Unit Total
$225
270
750
750
300
750
750
330
790
790
360
790
Required:
1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 4, using the last-in, first-out method. Under LIFO, if units are in inventory at two different costs, enter the
units with the HIGHER unit cost first in the Cost of Merchandise Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column.
Rhodes Co.
Perpetual Inventory Account
LIFO Method
For the three-months ended June 30
Cost of Merchandise Sold
Unit Cost
$18,900
45,360
84,750
53,250
42,000
Purchases
Unit Cost
63,000
31,500
46,200
66,360
88,480
90,720
99,540
Total Cost
Quantity
Total Cost
Quantity
Inventory
Unit Cost
Total Cost
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