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. 3 Inventory66 $300 $19,800 8 Purchase132 360 47,520 11 Sale88 1,000 88,000 30 Sale55 1,000 55,000 May 8 Purchase110 400 44,000 10 Sale66 1,000 66,000 19 Sale33 1,000 33,000 28 Purchase110 440 48,400 June 5 Sale66 1,050 69,300 16 Sale88 1,050 92,400 21 Purchase198 480 95,040 28 Sale99 1,050 103,950 Required:1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 4, using the last-in, first-out method. Under LIFO, if units are in inventory at two different costs, enter the units with the HIGHER unit cost first in the Cost of Merchandise Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column.Rhodes Co.Perpetual Inventory AccountLIFO MethodFor the three-months ended June 30 PurchasesCost of Merchandise SoldInventoryDateQuantityUnit CostTotal CostQuantityUnit CostTotal CostQuantityUnit CostTotal CostApr. 3 fill in the blank 1$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 15fill 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 27fill in the blank 28fill in the blank 29fill in the blank 30May 8fill in the blank 31fill in the blank 32fill in the blank 33 fill in the blank 34fill in the blank 35fill in the blank 36fill in the blank 37fill in the blank 38fill in the blank 39May 10 fill in the blank 40fill in the blank 41fill in the blank 42fill in the blank 43fill in the blank 44fill in the blank 45fill in the blank 46fill in the blank 47fill in the blank 48May 19 fill in the blank 49fill in the blank 50fill in the blank 51fill in the blank 52fill in the blank 53fill in the blank 54fill in the blank 55fill in the blank 56fill in the blank 57May 28fill in the blank 58fill in the blank 59fill in the blank 60 fill in the blank 61fill in the blank 62fill in the blank 63fill in the blank 64fill in the blank 65fill in the blank 66fill in the blank 67fill in the blank 68fill in the blank 69June 5 fill in the blank 70fill in the blank 71fill in the blank 72fill in the blank 73fill in the blank 74fill in the blank 75fill in the blank 76fill in the blank 77fill in the blank 78fill in the blank 79fill in the blank 80fill in the blank 81June 16 fill in the blank 82fill in the blank 83fill in the blank 84fill in the blank 85fill in the blank 86fill in the blank 87fill in the blank 88fill in the blank 89fill in the blank 90fill in the blank 91fill in the blank 92fill in the blank 93June 21fill in the blank 94fill in the blank 95fill in the blank 96 fill in the blank 97fill in the blank 98fill in the blank 99fill in the blank 100fill in the blank 101fill in the blank 102June 28 fill in the blank 103fill in the blank 104fill in the blank 105fill in the blank 106fill in the blank 107fill in the blank 108fill in the blank 109fill in the blank 110fill in the blank 111June 30Balances $fill in the blank 112 $fill in the blank 1132. Determine the total sales, the total cost of merchandise sold, and the gross profit from sales for the period.Total sales$fill in the blank 114Total cost of merchandise soldfill in the blank 115Gross profit$fill in the blank 1163. Determine the ending inventory cost on June 30.$fill in the blank 117

Name: The beginning inventory of merchandise at Rhodes Co. and data on purch
Uploaded: 2024-03-20T06:32:37.000Z
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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. 3 Inventory66 $300 $19,800 8 Purchase132 360 47,520 11 Sale88

The question is based on the concept of the cost accounting

Answered: The beginning inventory of merchandise…

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	Total
Apr. 3	Inventory	66	$300	$19,800
8	Purchase	132	360	47,520
11	Sale	88	1,000	88,000
30	Sale	55	1,000	55,000
May 8	Purchase	110	400	44,000
10	Sale	66	1,000	66,000
19	Sale	33	1,000	33,000
28	Purchase	110	440	48,400
June 5	Sale	66	1,050	69,300
16	Sale	88	1,050	92,400
21	Purchase	198	480	95,040
28	Sale	99	1,050	103,950

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
	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
fill in the blank 28	fill in the blank 29	fill in the blank 30
May 8	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
fill in the blank 37	fill in the blank 38	fill in the blank 39
May 10				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
fill in the blank 46	fill in the blank 47	fill in the blank 48
May 19				fill in the blank 49	fill in the blank 50	fill in the blank 51	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
May 28	fill in the blank 58	fill in the blank 59	fill in the blank 60				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 5				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
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
June 16				fill in the blank 82	fill in the blank 83	fill in the blank 84	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 21	fill in the blank 94	fill in the blank 95	fill in the blank 96				fill in the blank 97	fill in the blank 98	fill in the blank 99
fill in the blank 100	fill in the blank 101	fill in the blank 102
June 28				fill in the blank 103	fill in the blank 104	fill in the blank 105	fill in the blank 106	fill in the blank 107	fill in the blank 108
fill in the blank 109	fill in the blank 110	fill in the blank 111
June 30	Balances					$fill in the blank 112			$fill in the blank 113

2. Determine the total sales, the total cost of merchandise sold, and the gross profit from sales for the period.

Total sales	$fill in the blank 114
Total cost of merchandise sold	fill in the blank 115
Gross profit	$fill in the blank 116

3. Determine the ending inventory cost on June 30.
$fill in the blank 117

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