LIFO Perpetual Inventory

The beginning inventory of merchandise at Rhodes Co. and data on purhcases and sales for a three-month period ending June 30 are as follows

Required:

1. record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated, usining in last-in, first-out method. Under LIFO, if units are in inventoru at two different cost, enter the units with the HIGHTER unit cost firt in the Cost of Merchandise sold unit cost comumn and LOWER unit cost first in the inventory unit cost column

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.

$

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: 3. Determine the ending inventory cost on June 30