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 TransactionNumberof UnitsPer UnitTotalApr. 3Inventory40 $670 $26,8008Purchase120 690 82,80011Sale60 1,120 67,20030Sale50 1,120 56,000May 8Purchase100 700 70,00010Sale80 1,120 89,60019Sale30 1,120 33,60028Purchase120 707 84,840June 5Sale60 1,260 75,60016Sale40 1,260 50,40021Purchase180 712 128,16028Sale190 1,260 239,400 Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 3, using the first-in, first-out method. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Merchandise Sold Unit Cost column and in the Inventory Unit Cost column.Rhodes Co.Perpetual Inventory AccountFIFO MethodFor a Three-Month Period PurchasesCost of Merchandise SoldInventoryDateQuantityUnit CostTotal CostQuantityUnit CostTotal CostQuantityUnit CostTotal CostApr. 3 fill in the blank 1$fill in the blank 2$fill in the blank 3Apr. 8fill in the blank 4$fill in the blank 5$fill in the blank 6 fill in the blank 7fill in the blank 8fill in the blank 9fill in the blank 10fill in the blank 11fill in the blank 12Apr. 11 fill in the blank 13$fill in the blank 14$fill in the blank 15 fill in the blank 16fill in the blank 17fill in the blank 18fill in the blank 19fill in the blank 20fill in the blank 21Apr. 30 fill in the blank 22fill in the blank 23fill in the blank 24fill in the blank 25fill in the blank 26fill in the blank 27May 8fill in the blank 28fill in the blank 29fill in the blank 30 fill in the blank 31fill in the blank 32fill in the blank 33fill in the blank 34fill in the blank 35fill in the blank 36May 10 fill in the blank 37fill in the blank 38fill in the blank 39 fill in the blank 40fill in the blank 41fill in the blank 42fill in the blank 43fill in the blank 44fill in the blank 45May 19 fill in the blank 46fill in the blank 47fill in the blank 48fill in the blank 49fill in the blank 50fill in the blank 51May 28fill in the blank 52fill in the blank 53fill in the blank 54 fill in the blank 55fill in the blank 56fill in the blank 57fill in the blank 58fill in the blank 59fill in the blank 60June 5 fill in the blank 61fill in the blank 62fill in the blank 63 fill in the blank 64fill in the blank 65fill in the blank 66fill in the blank 67fill in the blank 68fill in the blank 69June 16 fill in the blank 70fill in the blank 71fill in the blank 72fill in the blank 73fill in the blank 74fill in the blank 75June 21fill in the blank 76fill in the blank 77fill in the blank 78 fill in the blank 79fill in the blank 80fill in the blank 81fill in the blank 82fill in the blank 83fill in the blank 84June 28 fill in the blank 85fill in the blank 86fill in the blank 87 fill in the blank 88fill in the blank 89fill in the blank 90fill in the blank 91fill in the blank 92fill in the blank 93June 30Balances $fill in the blank 94 $fill in the blank 95

Name: The beginning inventory of merchandise at Rhodes Co. and data on purch
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Description: 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 TransactionNumberof UnitsPer UnitTotalApr. 3Inventory40 $670 $26,8008Purchase120 690 82,80011Sale

Cost of goods sold is the cost incurred on the making of the goods sold by the entity in the…

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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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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	Number 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

Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 3, using the first-in, first-out method. Under FIFO, if units 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 Cost column.

Rhodes Co. Perpetual Inventory Account FIFO Method For a Three-Month Period
	Purchases	Cost of Merchandise Sold	Inventory
Date	Quantity	Unit Cost	Total Cost	Quantity	Unit Cost	Total Cost	Quantity	Unit Cost	Total Cost
Apr. 3							fill in the blank 1	$fill in the blank 2	$fill in the blank 3
Apr. 8	fill in the blank 4	$fill in the blank 5	$fill in the blank 6				fill in the blank 7	fill in the blank 8	fill in the blank 9
fill in the blank 10	fill in the blank 11	fill in the blank 12
Apr. 11				fill in the blank 13	$fill in the blank 14	$fill in the blank 15
fill in the blank 16	fill in the blank 17	fill in the blank 18	fill in the blank 19	fill in the blank 20	fill in the blank 21
Apr. 30				fill in the blank 22	fill in the blank 23	fill in the blank 24	fill in the blank 25	fill in the blank 26	fill in the blank 27
May 8	fill in the blank 28	fill in the blank 29	fill in the blank 30				fill in the blank 31	fill in the blank 32	fill in the blank 33
fill in the blank 34	fill in the blank 35	fill in the blank 36
May 10				fill in the blank 37	fill in the blank 38	fill in the blank 39
fill in the blank 40	fill in the blank 41	fill in the blank 42	fill in the blank 43	fill in the blank 44	fill in the blank 45
May 19				fill in the blank 46	fill in the blank 47	fill in the blank 48	fill in the blank 49	fill in the blank 50	fill in the blank 51
May 28	fill in the blank 52	fill in the blank 53	fill in the blank 54				fill in the blank 55	fill in the blank 56	fill in the blank 57
fill in the blank 58	fill in the blank 59	fill in the blank 60
June 5				fill in the blank 61	fill in the blank 62	fill in the blank 63
fill in the blank 64	fill in the blank 65	fill in the blank 66	fill in the blank 67	fill in the blank 68	fill in the blank 69
June 16				fill in the blank 70	fill in the blank 71	fill in the blank 72	fill in the blank 73	fill in the blank 74	fill in the blank 75
June 21	fill in the blank 76	fill in the blank 77	fill in the blank 78				fill in the blank 79	fill in the blank 80	fill in the blank 81
fill in the blank 82	fill in the blank 83	fill in the blank 84
June 28				fill in the blank 85	fill in the blank 86	fill in the blank 87
fill in the blank 88	fill in the blank 89	fill in the blank 90	fill in the blank 91	fill in the blank 92	fill in the blank 93
June 30	Balances					$fill in the blank 94			$fill in the blank 95

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