Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

need help fast please!! just two charts to fill in FIFO Perpetual Inventory The beginning inventory of merchandise at Rhodes Co. and data on purchases

need help fast please!! just two charts to fill in
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
FIFO 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 follow5: Required: 1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustroted in Exhibst 3, using the first-in, first out method. Under FIFO, if unAs are in inventory at two different costs, enter the units with the LOWEr unit cost first in the Cost of Merchandise Sold Unit Cost column and in the Imventory Unit Cost column. 2. Determine the total soles and the total cost of merchendise sold for the period. Journalize the entries in the sales and cost of merchandise sold accounts. Assume that all sales were on account. If an amount bos does not require an entry, leave it biank. 3. Determine the gross profit from sales for the period: 4. Determine the ending inventory cost as of June 30 : 5. Based upoc the preceding dato, would you expect the inventory using the lastin, frest-out methos to be hoher or lawer? Rhodes Co. Schedule of Cost of Merchandise Sold Fifo Method For the three-months ended June 30 \begin{tabular}{|c|c|c|c|c|c|c|c|c|c|} \hline \multirow[b]{2}{*}{ Date } & \multicolumn{3}{|c|}{ Purchases } & \multicolumn{3}{|c|}{ Cost of Merchandise Sold } & \multicolumn{3}{|c|}{ Inventory } \\ \hline & Quantity & Unit Cost & Total Cost & Quantity. & Unit cost & Tetal Cost & Quantity & Unit Cost & Totar C \\ \hline Aper. & & & & & & & & 1 & \\ \hline \multicolumn{10}{|l|}{ Apr. 0} \\ \hline & & & & & 5 & 1 & & & \\ \hline \multicolumn{10}{|l|}{ Apr. 30} \\ \hline \multicolumn{10}{|l|}{ May in } \\ \hline \multicolumn{10}{|l|}{ May 10} \\ \hline \multicolumn{10}{|l|}{ May 19} \\ \hline \multirow{2}{*}{\multicolumn{10}{|c|}{Mar211}} \\ \hline & & & & & & & & & \\ \hlineJunne5 & & & & & & & & & , \\ \hline \end{tabular}

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Intermediate Accounting Volume 2

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Irene M. Wiecek, Bruce J. McConomy

13th Canadian Edition

1119740444, 9781119740445

More Books

Students also viewed these Accounting questions

Question

What is an interval estimator?

Answered: 1 week ago

Question

How is social networking used in informal training?

Answered: 1 week ago

Question

What are some career development methods?

Answered: 1 week ago