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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 42 1,050 44,100
16 Sale 56 1,050 58,800
21 Purchase 126 480 60,480
28 Sale 63 1,050 66,150

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 $ $
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 $
Total cost of merchandise sold
Gross profit $

3. Determine the ending inventory cost on June 30.
$

Solutions

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