Answered step by step
Verified Expert Solution
Link Copied!
Question
1 Approved Answer

can you help me solve this? 28,213 29551 21902. 2. PR.07.01.ALGO (Algorithmic) FIFO Perpetual Inventory The beginning inventory of merchandise at Rhodes Co. and data

can you help me solve this?

image text in transcribed

28,213 29551 21902. 2. PR.07.01.ALGO (Algorithmic) 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: 132 Number Date Transaction of Units Per Unit Total Apr. 3 Inventory 66 $450 $29,700 8 Purchase 540 71,280 11 Sale 88 1,500 132,000 30 Sale 55 1,500 82,500 May 8 Purchase 110 600 66,000 10 Sale 66 1,500 99,000 19 Sale 33 1,500 49,500 28 Purchase 110 660 72,600 June 5 Sale 66 1,575 103,950 16 Sale 88 1,575 21 Purchase 198 720 138,600 142,560 155,925 28 Sale 99 1,575 Required: 1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual Inventory record similar to the one illustrated in Exhibit 3, using the first-in, first-out method. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Merchandise Sold Unit Cost column and in the Inventory Unit Cost column. Rhodes Co. Schedule of Cost of Merchandise Sold FIFO 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 be usos 132 Lolo USD 2970 1325129 $ Apr. 11 Apr. 8 540$ 1280$ Apr. 30 May 8 May 10 May 19 May 28 June 5 June 16 June 21 June 28 $ $ June 30 Balances

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image
Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managerial Accounting Tools For Business Decision Making

Authors: Jerry J. Weygandt, Paul D. Kimmel, Ibrahim M. Aly, Donald E. Kieso

6th Canadian Edition

1119731828, 9781119731825

More Books

Students explore these related Accounting questions

Question

State the procedures for Capital Reduction.

Answered: 3 weeks ago