Periodic Inventory by Three Methods

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 $40$

$$670$

$$26,800$

$8$ Purchase $12069082,800$

$11$ Sale $601,12067,200$

$30$ Sale $501,12056,000$

May $8$ Purchase $10070070,000$

$10$ Sale $801,12089,600$

$19$ Sale $301,12033,600$

$28$ Purchase $12070784,840$

June $5$ Sale $601,26075,600$

$16$ Sale $401,26050,400$

$21$ Purchase $180712128,160$

$28$ Sale $1901,260239,400$

Required:

$1.$ Determine the inventory on June $30$ and the cost of merchandise sold for the three$-$month period, using the first$-$in$,$ first$-$out method and the periodic inventory system.

Merchandise inventory, June $30$ $fill in the blank $1$

$35,600$

Cost of merchandise sold $fill in the blank $2$

$357,000$

$2.$ Determine the inventory on June $30$ and the cost of merchandise sold for the three$-$month period, using the last$-$in$,$ first$-$out method and the periodic inventory system.

Merchandise inventory, June $30$ $fill in the blank $3$

$33,700$

Cost of merchandise sold $fill in the blank $4$

$358,900$

$3.$ Determine the inventory on June $30$ and the cost of merchandise sold for the three$-$month period, using the weighted average cost method and the periodic inventory system. Round the weighted average unit cost and final answers to the nearest dollar.

Merchandise inventory, June $30$ $fill in the blank $5$

$35,050$

Cost of merchandise sold $fill in the blank $6$

$4.$ Compare the gross profit and June $30$ inventories using the following column headings. Enter all amounts as positive numbers.

FIFO LIFO Weighted Average

Sales $fill in the blank $7$

$611,800$

$fill in the blank $8$

$611,800$

$fill in the blank $9$

$611,800$

Cost of merchandise sold fill in the blank $10$

$357,000$

fill in the blank $11$

$358,900$

fill in the blank $12$

Gross profit $fill in the blank $13$

$254,800$

$fill in the blank $14$

$252,900$

$fill in the blank $15$

Inventory, June $30$ $fill in the blank $16$

$35,600$

$fill in the blank $17$

$33,700$

$fill in the blank $18$

$35,050$