last columb is Total Cost

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 Number Transaction Per Unit of Units Total Apr. Inventory 78 $300 $23,400 8 Purchase 156 360 56,160 11 Sale 105 1,000 105,000 30 Sale 66 1,000 66,000 May 8 Purchase 130 400 52,000 10 Sale 78 1,000 78,000 19 39 1,000 39,000 28 Purchase 130 440 57,200 June 5 Sale 78 1,050 81,900 16 104 1,050 109,200 21 Purchase 234 480 112,320 28 Sale 117 1,050 122,850 668 Sale Sale Required: Required: 1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one llustrated 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 Apr 3 Unit Cost Apr 8 Apr. 11 Apr. 30 May B Accounting numeric field May 10 Apr 30 May 8 May 10 May 19 May 28 - I Tunes June 16 Accounting numerlefield June 21 June 28 Previous Next > June 5 June 16