please it is my humble request answer complete and correct with all working answer in text The beginning inventory of merchandise at Rhodes Co. and data on purchases and sales for a three-month period ending June 30 are asfollows:Date TransactionApr. 3 InventoryB Purchase11 Sale30 SaleMay & Purchase10 Sale19 Sale20 PurchaseJune 5 Sale16 Sale21 Purchase20 SaleNumberof Units120605010000301206040100190Per Unit16706901,1201,1207001,1201,1207071,2601,2607121,260Total126,00082,80067,20056,00070,00089,60033,60084,84075,60050,400120,160239,400Required:1. Determine the inventory on June 30 and the cost of merchandise sold for the three-month period, using the first-in, first-out methodand the periodic inventory system.

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Description: please it is my humble request answer complete and correct with all working answer in text The beginning inventory of merchandise at Rhodes Co. and data on purchases and sales for a three-month period ending June 30 are asfollows:Date TransactionApr.

There are mainly two methods of verification of inventory system. They are periodic and perpetual…

Business

Accounting

The beginning inventory of merchandise at Rhodes Co. and data on purchases and sales for a three-month period anding June 30 are as follows: Date Transaction Apr. 3 Inventory & Purchase 11 Sale 30 Sale May & Purchase 10 Sale 19 Sale 20 Purchase June 5 Sale 16 Sale 21 Purchase 28 Sale Number of Units 40 120 60 50 100 00 30 120 60 40 100 190 Per Unit 1670 690 1,120 1,120 700 1,120 1,120 707 1,260 1,260 712 1,260 Total $26,000 82,800 67,200 56,000 70,000 89,600 33,600 84,840 75,600 50,400 120,160 239,400 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.

The beginning inventory of merchandise at Rhodes Co. and data on purchases and sales for a three-month period anding June 30 are as follows: Date Transaction Apr. 3 Inventory & Purchase 11 Sale 30 Sale May & Purchase 10 Sale 19 Sale 20 Purchase June 5 Sale 16 Sale 21 Purchase 28 Sale Number of Units 40 120 60 50 100 00 30 120 60 40 100 190 Per Unit 1670 690 1,120 1,120 700 1,120 1,120 707 1,260 1,260 712 1,260 Total $26,000 82,800 67,200 56,000 70,000 89,600 33,600 84,840 75,600 50,400 120,160 239,400 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.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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