lifo perpetual inventory

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: Number Date Transaction Per Unit Total of Units Apr. 3 Inventory 48 $525 $25,200 8 Purchase 96 630 60,480 11 Sale 64 1,750 112,000 30 Sale 40 1,750 70,000 May 8 Purchase 80 700 56,000 10 Sale 48 1,750 84,000 19 Sale 24 1,750 42,000 28 Purchase 80 770 61,600 June 5 Sale 48 1,840 88,320 16 Sale 64 1,840 117,760 21 Purchase 144 840 120,960 28 Sale 72 1,840 132,480 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, usin 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 Ur LOWER unit cost first in the Inventory Unit Cost column (Prev 3ook Show Me How Purchases Invent Cost of Merchandise Sold Date Quantity Unit Cost Total Cost Quantity Total Cost Unit Cost Unit Co: Quantity 48 52 r. 3 IS 48 52 pr. 8 96 630 60,480 96 630 48 525 64 630 40,320 Apr. 11 64 X 630 630 525 Apr 30 80 700 May B 56,000 May 10 II May 19 - May 28 - June 5 Previous Next > Check My Work Show Me How Inventory Cost Of Merchandise Sola Total Cost Quantity Unit Cost Unit Cost Total Cost Quantity Total Cost 48 525 $ 25,200 48 525 25, 200 60,480 96 630 60,480 48 525 25,200 64 630 40,320 64 X 630 40,320 X 630 525 700 56,000 11 une 5 June 16 June 21 I June 28 K June 30 Balances 2. Determine the total sales, the total cost of merchandise sold, and the gross profit from sales for the period Total sales Total cost of merchandise sold Gross profit 3. Determine the ending inventory cost on June 30. Feedback Check My Wo de Time A sale is made along with an entry to record the cost of the merchandise sold that III and the gross profit from sales for the period