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Question Content Area LIFO Perpetual Inventory The beginning inventory of merchandise at Rhodes Co . and data on purchases and sales for a three -
Question Content Area
LIFO Perpetual Inventory
The beginning inventory of merchandise at Rhodes Co and data on purchases and sales for a threemonth period ending June are as follows:
Date Transaction Number
of Units Per Unit Total
Apr. Inventory $ $
Purchase
Sale
Sale
May Purchase
Sale
Sale
Purchase
June Sale
Sale
Purchase
Sale
Required:
Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit using the lastin firstout 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.
Rhodes Co
Perpetual Inventory Account
LIFO Method
For the threemonths ended June
Purchases Cost of Merchandise Sold Inventory
Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost
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June fill in the blank
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June fill in the blank
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June fill in the blank
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June Balances $fill in the blank
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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
Determine the ending inventory cost on June
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