Question
In: Accounting
LIFO Perpetual Inventory The beginning inventory of merchandise at Rhodes Co. and data on purchases and...
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:
| Date | Transaction | Number of Units |
Per Unit | Total | ||||
|---|---|---|---|---|---|---|---|---|
| Apr. 3 | Inventory | 60 | $300 | $18,000 | ||||
| 8 | Purchase | 120 | 360 | 43,200 | ||||
| 11 | Sale | 80 | 1,000 | 80,000 | ||||
| 30 | Sale | 50 | 1,000 | 50,000 | ||||
| May 8 | Purchase | 100 | 400 | 40,000 | ||||
| 10 | Sale | 60 | 1,000 | 60,000 | ||||
| 19 | Sale | 30 | 1,000 | 30,000 | ||||
| 28 | Purchase | 100 | 440 | 44,000 | ||||
| June 5 | Sale | 60 | 1,050 | 63,000 | ||||
| 16 | Sale | 80 | 1,050 | 84,000 | ||||
| 21 | Purchase | 180 | 480 | 86,400 | ||||
| 28 | Sale | 90 | 1,050 | 94,500 | ||||
Solutions
ekkarill92 answered 3 years agoRelated Solutions
LIFO Perpetual Inventory The beginning inventory of merchandise at Rhodes Co. and data on purchases and...
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:
Date
Transaction
Number
of Units
Per Unit
Total
Apr. 3
Inventory
42
$300
$12,600
8
Purchase
84
360
30,240
11
Sale
56
1,000
56,000
30
Sale
35
1,000
35,000
May 8
Purchase
70
400
28,000
10
Sale
42
1,000
42,000
19
Sale
21
1,000
21,000
28
Purchase
70
440
30,800
June 5
Sale...
LIFO Perpetual Inventory The beginning inventory of merchandise at Rhodes Co. and data on purchases and...
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:
Date
Transaction
Number
of Units
Per Unit
Total
Apr. 3
Inventory
60
$300
$18,000
8
Purchase
120
360
43,200
11
Sale
80
1,000
80,000
30
Sale
50
1,000
50,000
May 8
Purchase
100
400
40,000
10
Sale
60
1,000
60,000
19
Sale
30
1,000
30,000
28
Purchase
100
440
44,000
June 5
Sale...
LIFO Perpetual Inventory The beginning inventory of merchandise at Rhodes Co. and data on purchases and...
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:
Date
Transaction
Number
of Units
Per Unit
Total
Apr. 3
Inventory
48
$150
$7,200
8
Purchase
96
180
17,280
11
Sale
64
500
32,000
30
Sale
40
500
20,000
May 8
Purchase
80
200
16,000
10
Sale
48
500
24,000
19
Sale
24
500
12,000
28
Purchase
80
220
17,600
June 5
Sale...
FIFO Perpetual Inventory The beginning inventory of merchandise at Rhodes Co. and data on purchases and...
FIFO 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:
Date
Transaction
Number
of Units
Per
Unit
Total
Apr. 3
Inventory
42
$150
$6,300
8
Purchase
84
180
15,120
11
Sale
56
500
28,000
30
Sale
35
500
17,500
May 8
Purchase
70
200
14,000
10
Sale
42
500
21,000
19
Sale
21
500
10,500
28
Purchase
70
220
15,400
June 5
Sale...
LIFO Perpetual Inventory The beginning inventory of merchandise at Dunne Co. and data on purchases and...
LIFO Perpetual Inventory
The beginning inventory of merchandise at Dunne 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
48
$600
$28,800
8
Purchase
96
720
69,120
11
Sale
64
2,000
128,000
30
Sale
40
2,000
80,000
May 8
Purchase
80
800
64,000
10
Sale
48
2,000
96,000
19
Sale
24
2,000
48,000
28
Purchase
80
880
70,400
June 5
Sale...
LIFO Perpetual Inventory The beginning inventory of merchandise at Dunne Co. and data on purchases and...
LIFO Perpetual Inventory
The beginning inventory of merchandise at Dunne 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
42
$525
$22,050
8
Purchase
84
630
52,920
11
Sale
56
1,750
98,000
30
Sale
35
1,750
61,250
May 8
Purchase
70
700
49,000
10
Sale
42
1,750
73,500
19
Sale
21
1,750
36,750
28
Purchase
70
770
53,900
June 5
Sale...
LIFO Perpetual Inventory The beginning inventory of merchandise at Dunne Co. and data on purchases and...
LIFO Perpetual Inventory The beginning inventory of merchandise
at Dunne 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 84,
$225, $18,900
8 Purchase 168, 270, 45,360
11 Sale 113, 750, 84,750
30 Sale 71, 750, 53,250
May 8 Purchase 140, 300,
42,000
10 Sale 84,...
LIFO Perpetual Inventory The beginning inventory of merchandise at Dunne Co. and data on purchases and...
LIFO Perpetual Inventory
The beginning inventory of merchandise at Dunne 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
48
$375
$18,000
8
Purchase
96
450
43,200
11
Sale
64
1250
80,000
30
Sale
40
1250
50,000
May 8
Purchase
80
500
40,000
10
Sale
48
1250
60,000
19
Sale
24
1250
30,000
28
Purchase
80
550
44,000
Jun 5
sale...
LIFO Perpetual Inventory The beginning inventory of merchandise at Dunne Co. and data on purchases and...
LIFO Perpetual Inventory
The beginning inventory of merchandise at Dunne 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
84
$375
$31,500
8
Purchase
168
450
75,600
11
Sale
113
1,250
141,250
30
Sale
71
1,250
88,750
May 8
Purchase
140
500
70,000
10
Sale
84
1,250
105,000
19
Sale
42
1,250
52,500
28
Purchase
140
550
77,000
June 5
Sale...
LIFO Perpetual Inventory The beginning inventory of merchandise at Dunne Co. and data on purchases and...
LIFO Perpetual Inventory
The beginning inventory of merchandise at Dunne 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
42
$375
$15,750
8
Purchase
84
450
37,800
11
Sale
56
1,250
70,000
30
Sale
35
1,250
43,750
May 8
Purchase
70
500
35,000
10
Sale
42
1,250
52,500
19
Sale
21
1,250
26,250
28
Purchase
70
550
38,500
June 5
Sale...
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