LIFO Perpetual Inventory The beginning inventory of merchandise at Rhodes Co. and data on purchases and...
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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 60 $525 $31.500 8 Purchase 120 630 75,600 11 Sale 80 1.750 140,000 30 Sale 50 1.750 87,500 May 8 Purchase 100 700 70,000 10 Sale 60 1,750 105,000 19 Sale 30 1,750 52,500 28 Purchase 100 770 17,000 June 5 Sale 60 1,040 110,400 16 Sale 1,540 147,200 21 Purchase 28 Sale 180 540 151,200 90 1,840 165,600 Required: 1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one Bustrated in Exhibit 4, using the last in, frit-out method under LFO, funts ar 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 unt cost first in the Inventory Last Cst colume Purchases Rhodes Co. Perpetual Inventory Account LIFO Method For the three months ended June 30 Cost of Merchandise Sold 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 60 $525 $31.500 8 Purchase 120 630 75,600 11 Sale 80 1.750 140,000 30 Sale 50 1.750 87,500 May 8 Purchase 100 700 70,000 10 Sale 60 1,750 105,000 19 Sale 30 1,750 52,500 28 Purchase 100 770 17,000 June 5 Sale 60 1,040 110,400 16 Sale 1,540 147,200 21 Purchase 28 Sale 180 540 151,200 90 1,840 165,600 Required: 1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one Bustrated in Exhibit 4, using the last in, frit-out method under LFO, funts ar 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 unt cost first in the Inventory Last Cst colume Purchases Rhodes Co. Perpetual Inventory Account LIFO Method For the three months ended June 30 Cost of Merchandise Sold Inventory
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