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 Per of Units Unit Total Apr Inventory $150 $6,300 42 8 Purchase 84 180 15,120 500 28.000 11 Sale 56 30 Sale 35 500 17.500 May Purchase 70 200 14,000 10 Sale 42 500 21,000 19 Sale 21 500 10,500 28 Purchase 20 220 15,400 June le Sale 42 525 22.050 525 29,400 240 30.240 16 Sale 56 21 Purchase 126 28 Sale 63 525 33,075 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.
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 Per of Units Unit Total Apr Inventory $150 $6,300 42 8 Purchase 84 180 15,120 500 28.000 11 Sale 56 30 Sale 35 500 17.500 May Purchase 70 200 14,000 10 Sale 42 500 21,000 19 Sale 21 500 10,500 28 Purchase 20 220 15,400 June le Sale 42 525 22.050 525 29,400 240 30.240 16 Sale 56 21 Purchase 126 28 Sale 63 525 33,075 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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Topic Video
Question
![Date
Quantity
Unit Cost
Total Cost Quantity
Unit Cost
Total Cost
Quantity
Unit Cost
Total Cost
Apr. 3
Apr. 8
Apr. 11
Apr. 30
May 8
May 10
May 19
May 28
June 5
June 16
June 21
June 28
June 30
Balances
2. Determine the total sales, the total cost of merchandise sold, and the gross profit from sales for the period.
Total sales
$1
Total cost of merchandise
sold
Gross profit
3. Determine the ending inventory cost on June 30.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9c89cc18-04af-4526-9496-6a509716cba2%2Fb92c4903-2458-415b-b428-de78dd899d08%2F4eudk2i_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Date
Quantity
Unit Cost
Total Cost Quantity
Unit Cost
Total Cost
Quantity
Unit Cost
Total Cost
Apr. 3
Apr. 8
Apr. 11
Apr. 30
May 8
May 10
May 19
May 28
June 5
June 16
June 21
June 28
June 30
Balances
2. Determine the total sales, the total cost of merchandise sold, and the gross profit from sales for the period.
Total sales
$1
Total cost of merchandise
sold
Gross profit
3. Determine the ending inventory cost on June 30.
![LIFO Perpetual Inventory
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 Per
Date Transaction
Total
of Units Unit
Apr.
Inventory
42
$150 $6,300
8 Purchase
84
180 15,120
11 Sale
56
500 28,000
30 Sale
35
500 17,500
May
Purchase
8.
200 14,000
70
10 Sale
42
500 21,000
19 Sale
21
500 10,500
28 Purchase
70
220 15,400
June
Sale
42
525 22,050
16 Sale
56
525 29,400
21 Purchase
126
240 30,240
28 Sale
63
525 33,075
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 Cn.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9c89cc18-04af-4526-9496-6a509716cba2%2Fb92c4903-2458-415b-b428-de78dd899d08%2F86zpw4w_processed.jpeg&w=3840&q=75)
Transcribed Image Text:LIFO Perpetual Inventory
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 Per
Date Transaction
Total
of Units Unit
Apr.
Inventory
42
$150 $6,300
8 Purchase
84
180 15,120
11 Sale
56
500 28,000
30 Sale
35
500 17,500
May
Purchase
8.
200 14,000
70
10 Sale
42
500 21,000
19 Sale
21
500 10,500
28 Purchase
70
220 15,400
June
Sale
42
525 22,050
16 Sale
56
525 29,400
21 Purchase
126
240 30,240
28 Sale
63
525 33,075
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 Cn.
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