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LIFO perpetual inventory I need help please? 3. PR.07.02.ALGO (Algorithmic) LIFO Perpetual Inventory com. The beginning inventory of merchandise at Rhodes Co. and data on
LIFO perpetual inventory I need help please?
3. PR.07.02.ALGO (Algorithmic) LIFO Perpetual Inventory com. 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: sales Number Date Transaction Per Unit Total 112,000 160,480 of Units 70,000 SLOOoo Apr. 3 Inventory 42 $600 $25,200 84000 61600 8 Purchase 84 720 60,480 42 000 11 Sale 56 2,000 112,000 881200 120,960 30 Sale 35 70,000 117, GOO Purchase 70 800 56,000 132300 10 Sale 42 2,000 84,000 19 Sale 21 2,000 42,000 28 Purchase 70 880 61,600 June 5 Sale 42 2,100 88,200 16 Sale 56 2,100 117,600 21 Purchase 126 120,960 28 Sale 63 2,100 132,300 2,000 299040 May 8 1646,100 960 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 Inventory Cost of Merchandise Sold Date Quantity Unit CostTotal Cost Quantity Unit Cost Total Cost Quantity Unit CostTotal Cost Apr. 3 42 600 $ 2500 42 leon 25200 Apr. 8 84 720 $ 6048$ 84 700 60484 42 600 125300 Apr. 11 730 20160 1567008 40320 28 Apr. 30 May 8 170 800 5600 May 10 May 19 May 28 70 850 LELOD June 5 June 16 June 21 126 960 120964 June 28
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