DateQuantityUnit CostTotal Cost QuantityUnit CostTotal CostQuantityUnit CostTotal CostApr. 3Apr. 8Apr. 11Apr. 30May 8May 10May 19May 28June 5June 16June 21June 28June 30Balances2. Determine the total sales, the total cost of merchandise sold, and the gross profit from sales for the period.Total sales$1Total cost of merchandisesoldGross profit3. Determine the ending inventory cost on June 30. 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:Number PerDate TransactionTotalof Units UnitApr.Inventory42$150 $6,3008 Purchase84180 15,12011 Sale56500 28,00030 Sale35500 17,500MayPurchase8.200 14,0007010 Sale42500 21,00019 Sale21500 10,50028 Purchase70220 15,400JuneSale42525 22,05016 Sale56525 29,40021 Purchase126240 30,24028 Sale63525 33,075Required: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 ofMerchandise Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column.Rhodes Cn.

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Description: DateQuantityUnit CostTotal Cost QuantityUnit CostTotal CostQuantityUnit CostTotal CostApr. 3Apr. 8Apr. 11Apr. 30May 8May 10May 19May 28June 5June 16June 21June 28June 30Balances2. Determine the total sales, the total cost of merchandise sold, and th

Req-1 Perpetual LIFO: Beginning Inventory & Purchases…

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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