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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 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 48 525 25,200
16 Sale 64 525 33,600
21 Purchase 144 240 34,560
28 Sale 72 525 37,800

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 fill in the blank 1 $fill in the blank 2 $fill in the blank 3
Apr. 8 fill in the blank 4 $fill in the blank 5 $fill in the blank 6 fill in the blank 7 fill in the blank 8 fill in the blank 9
fill in the blank 10 fill in the blank 11 fill in the blank 12
Apr. 11 fill in the blank 13 $fill in the blank 14 $fill in the blank 15 fill in the blank 16 fill in the blank 17 fill in the blank 18
fill in the blank 19 fill in the blank 20 fill in the blank 21
Apr. 30 fill in the blank 22 fill in the blank 23 fill in the blank 24 fill in the blank 25 fill in the blank 26 fill in the blank 27
fill in the blank 28 fill in the blank 29 fill in the blank 30
May 8 fill in the blank 31 fill in the blank 32 fill in the blank 33 fill in the blank 34 fill in the blank 35 fill in the blank 36
fill in the blank 37 fill in the blank 38 fill in the blank 39
May 10 fill in the blank 40 fill in the blank 41 fill in the blank 42 fill in the blank 43 fill in the blank 44 fill in the blank 45
fill in the blank 46 fill in the blank 47 fill in the blank 48
May 19 fill in the blank 49 fill in the blank 50 fill in the blank 51 fill in the blank 52 fill in the blank 53 fill in the blank 54
fill in the blank 55 fill in the blank 56 fill in the blank 57
May 28 fill in the blank 58 fill in the blank 59 fill in the blank 60 fill in the blank 61 fill in the blank 62 fill in the blank 63
fill in the blank 64 fill in the blank 65 fill in the blank 66
fill in the blank 67 fill in the blank 68 fill in the blank 69
June 5 fill in the blank 70 fill in the blank 71 fill in the blank 72 fill in the blank 73 fill in the blank 74 fill in the blank 75
fill in the blank 76 fill in the blank 77 fill in the blank 78
fill in the blank 79 fill in the blank 80 fill in the blank 81
June 16 fill in the blank 82 fill in the blank 83 fill in the blank 84 fill in the blank 85 fill in the blank 86 fill in the blank 87
fill in the blank 88 fill in the blank 89 fill in the blank 90
fill in the blank 91 fill in the blank 92 fill in the blank 93
June 21 fill in the blank 94 fill in the blank 95 fill in the blank 96 fill in the blank 97 fill in the blank 98 fill in the blank 99
fill in the blank 100 fill in the blank 101 fill in the blank 102
June 28 fill in the blank 103 fill in the blank 104 fill in the blank 105 fill in the blank 106 fill in the blank 107 fill in the blank 108
fill in the blank 109 fill in the blank 110 fill in the blank 111
June 30 Balances $fill in the blank 112 $fill in the blank 113

2. Determine the total sales, the total cost of merchandise sold, and the gross profit from sales for the period.

Total sales $fill in the blank 114
Total cost of merchandise sold fill in the blank 115
Gross profit $fill in the blank 116

3. Determine the ending inventory cost on June 30.

Solutions

Expert Solution


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