### Inventory and Sales RecordThe document is structured as a table for tracking inventory and sales over a specified period, with columns and rows to fill in relevant data.#### Table Columns:1. **Date**2. **Quantity**3. **Unit Cost**4. **Total Cost**These columns are duplicated twice more, likely for tracking multiple transactions or types of inventory on different dates. An additional set is labeled for balances.#### Table Rows:- **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**: Includes fields specifically for dollar amounts indicating balances.#### Instructions:2. **Determine the total sales, the total cost of merchandise sold, and the gross profit from sales for the period.** - **Total Sales:** $____ - **Total Cost of Merchandise Sold:** $____ - **Gross Profit:** $____3. **Determine the ending inventory cost on June 30.** - $____### Explanation:This table is a tool for recording the inventory activities such as purchases, cost calculations, sales, and profit analysis over the period from April to June. Each transaction needs to be documented with the corresponding date, quantity, unit cost, and total cost. The bottom section allows the user to calculate total sales, total costs, and gross profit, culminating in an ending inventory cost calculation on June 30. This is useful for educational purposes to teach inventory management, basic accounting principles, and financial analysis. ### LIFO Perpetual InventoryThe 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 Cost | Total ||------------|-------------|-----------------|---------------|-----------|| April 1 | Inventory | 42 | $150 | $6,300 || April 3 | Purchase | 84 | 180 | 15,120 || April 11 | Sale | 56 | | || April 30 | Sale | 35 | | || May 8 | Purchase | 70 | 200 | 14,000 || May 19 | Sale | 42 | | || May 24 | Sale | 50 | | || May 28 | Purchase | 21 | 500 | 10,500 || June 5 | Sale | 56 | | || June 16 | Purchase | 42 | 225 | 9,450 || June 21 | Purchase | 126 | 240 | 30,240 || June 28 | Sale | 63 | | |---### 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 (LIFO) 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. Note: The image does not include any graphs or diagrams.

Name: ### Inventory and Sales RecordThe document is structured as a table f
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Description: ### Inventory and Sales RecordThe document is structured as a table for tracking inventory and sales over a specified period, with columns and rows to fill in relevant data.#### Table Columns:1. **Date**2. **Quantity**3. **Unit Cost**4. **Total Cost

Req-1 Perpetual LIFO: Beginning Inventory & Purchases Cost of Goods Sold Ending Inventory Date Quantity Units Cost Total Cost Quantity Units Cost Total Cost Quantity Units Cost Total Cost April 3 42 $150.00 $6,300 42 $150.00 $6,300 April 8 84 $180.00 $15,120 42 $150.00 $6,300 84 $180.00 $15,120 April 11 56 $180.00 $10,080 42 $150.00 $6,300 28 $180.00 $5,040 April 30 28 $180.00 $5,040 35 $150.00 $5,250 7 $150.00 $1,050 May 8 70 $200.00 $14,000 35 $150.00 $5,250 70 $200.00 $14,000 May 10 42 $200.00 $8,400 35 $150.00 $5,250 28 $200.00 $5,600 May 19 21 $200.00 $4,200 35 $150.00 $5,250 7 $200.00 $1,400 May 28 70 $220.00 $15,400 35 $150.00 $5,250 7 $200.00 $1,400 70 $220.00 $15,400 June 5 42 $220.00 $9,240 35 $150.00 $5,250 7 $200.00 $1,400 28 $220.00 $6,160 June 16 28 $220.00 $6,160 14 $150.00 $2,100 7 $200.00 $1,400 21 $150.00 $3,150 June 21 126 $240.00 $30,240 14 $150.00 $2,100 126 $240.00 $30,240 June 28 63 $240.00 $15,120 14 $150.00 $2,100 63 $240.00 $15,120 Total 392 $81,060 315 $63,840 77 $17,220 Sales: April 11 $28,000 April 30 $17,500 May 10 $21,000 May 19 $10,500 June 5 $22,050 June 16 $29,400 June 28 $33,075 Total Sales $1,61,525 Req-2 Total Sales $1,61,525 Total cost of merchandise sold $63,840 Gross Profit $97,685 Req-3 Ending Inventory $17,220

Business

Accounting

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.

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter6: Inventories

Section: Chapter Questions

Problem 2PB: LIFO perpetual inventory The beginning inventory for Dunne Co. and data on purchases and sales for a...

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