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Periodic Inventory by Three Methods 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 of Units Per Unit Total Apr. 3 Inventory 40 $670 $26,800 8 Purchase 120 690 82,800 11 Sale 60 1,120 67,200 30 Sale 50 1,120 56,000 May 8 Purchase 100 700 70,000 10 Sale 80 1,120 89,600 19 Sale 30 1,120 33,600 28 Purchase 120 707 84,840 June 5 Sale 60 1,260 75,600 16 Sale 40 1,260 50,400 21 Purchase 180 712 128,160 28 Sale 190 1,260 239,400

Periodic Inventory by Three Methods 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 of Units Per Unit Total Apr. 3 Inventory 40 $670 $26,800 8 Purchase 120 690 82,800 11 Sale 60 1,120 67,200 30 Sale 50 1,120 56,000 May 8 Purchase 100 700 70,000 10 Sale 80 1,120 89,600 19 Sale 30 1,120 33,600 28 Purchase 120 707 84,840 June 5 Sale 60 1,260 75,600 16 Sale 40 1,260 50,400 21 Purchase 180 712 128,160 28 Sale 190 1,260 239,400

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Periodic Inventory by Three Methods 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 of Units Per Unit Total Apr. 3 Inventory 40 $670 $26,800 8 Purchase 120 690 82,800 11 Sale 60 1,120 67,200 30 Sale 50 1,120 56,000 May 8 Purchase 100 700 70,000 10 Sale 80 1,120 89,600 19 Sale 30 1,120 33,600 28 Purchase 120 707 84,840 June 5 Sale 60 1,260 75,600 16 Sale 40 1,260 50,400 180 712 128,160 21 Purchase 28 Sale 190 1,260 239,400
Transcribed Image Text:Periodic Inventory by Three Methods 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 of Units Per Unit Total Apr. 3 Inventory 40 $670 $26,800 8 Purchase 120 690 82,800 11 Sale 60 1,120 67,200 30 Sale 50 1,120 56,000 May 8 Purchase 100 700 70,000 10 Sale 80 1,120 89,600 19 Sale 30 1,120 33,600 28 Purchase 120 707 84,840 June 5 Sale 60 1,260 75,600 16 Sale 40 1,260 50,400 180 712 128,160 21 Purchase 28 Sale 190 1,260 239,400
Required: 1. Determine the inventory on June 30 and the cost of merchandise sold for the three-month period, using the first-in, first-out method and the periodic inventory system. Merchandise invegtory, June 30 Cost of merchandise sold 2. Determine the inventory on June 30 and the cost of merchandise sold for the three-month period, using the last-in, first-out method and the periodic inventory system. Merchandise inventory, June 30 Cost of merchandise sold 3. Determine the inventory on June 30 and the cost of merchandise sold for the three-month period, using the weighted average cost method and the periodic inventory system. Round the weighted average unit cost and final answers to the nearest dollar. Merchandise inventory, June 30 Cost of merchandise sold 4. Compare the gross profit and June 30 inventories using the following column headings. Enter all amounts as positive numbers. FIFO LIFO Weighted Average Sales Cost of merchandise sold Gross profit Inventory, June 30
Transcribed Image Text:Required: 1. Determine the inventory on June 30 and the cost of merchandise sold for the three-month period, using the first-in, first-out method and the periodic inventory system. Merchandise invegtory, June 30 Cost of merchandise sold 2. Determine the inventory on June 30 and the cost of merchandise sold for the three-month period, using the last-in, first-out method and the periodic inventory system. Merchandise inventory, June 30 Cost of merchandise sold 3. Determine the inventory on June 30 and the cost of merchandise sold for the three-month period, using the weighted average cost method and the periodic inventory system. Round the weighted average unit cost and final answers to the nearest dollar. Merchandise inventory, June 30 Cost of merchandise sold 4. Compare the gross profit and June 30 inventories using the following column headings. Enter all amounts as positive numbers. FIFO LIFO Weighted Average Sales Cost of merchandise sold Gross profit Inventory, June 30
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