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	66		$150		$9,900
8		Purchase	132		180		23,760
11		Sale	88		500		44,000
30		Sale	55		500		27,500
May 8		Purchase	110		200		22,000
10		Sale	66		500		33,000
19		Sale	33		500		16,500
28		Purchase	110		220		24,200
June 5		Sale	66		525		34,650
16		Sale	88		525		46,200
21		Purchase	198		240		47,520
28		Sale	99		525		51,975

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.