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.
Chapter1: Financial Statements And Business Decisions
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Transcribed Image Text: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:
Date Transaction
Apr. 3 Inventory
B Purchase
11 Sale
30 Sale
May & Purchase
10 Sale
19 Sale
20 Purchase
June 5 Sale
16 Sale
21 Purchase
20 Sale
Number
of Units
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
126,000
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.
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