eBook

Show Me How

Question Content Area

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	84		$525		$44,100
8		Purchase	168		630		105,840
11		Sale	113		1,750		197,750
30		Sale	71		1,750		124,250
May 8		Purchase	140		700		98,000
10		Sale	84		1,750		147,000
19		Sale	42		1,750		73,500
28		Purchase	140		770		107,800
June 5		Sale	84		1,840		154,560
16		Sale	112		1,840		206,080
21		Purchase	252		840		211,680
28		Sale	126		1,840		231,840

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. $fill in the blank 117