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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:

Date Transaction Number

of Units Per Unit Total

Apr. $3$ Inventory $54$ $$450$ $$24,300$

$8$ Purchase $10854058,320$

$11$ Sale $721,500108,000$

$30$ Sale $451,50067,500$

May $8$ Purchase $9060054,000$

$10$ Sale $541,50081,000$

$19$ Sale $271,50040,500$

$28$ Purchase $9066059,400$

June $5$ Sale $541,57585,050$

$16$ Sale $721,575113,400$

$21$ Purchase $162720116,640$

$28$ Sale $811,575127,575$

Required:

$1.$ Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit $4,$ using the last$-$in$,$ first$-$out 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 three$-$months ended June $30$

Purchases Cost of Merchandise Sold Inventory

Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost

Apr. $3$ fill in the blank $1$

$fill in the blank $2$

$fill in the blank $3$

Apr. $8$ fill in the blank $4$

$fill in the blank $5$

$fill in the blank $6$

fill in the blank $7$

fill in the blank $8$

fill in the blank $9$

fill in the blank $10$

fill in the blank $11$

fill in the blank $12$

Apr. $11$ fill in the blank $13$

$fill in the blank $14$

$fill in the blank $15$

fill in the blank $16$

fill in the blank $17$

fill in the blank $18$

fill in the blank $19$

fill in the blank $20$

fill in the blank $21$

Apr. $30$ fill in the blank $22$

fill in the blank $23$

fill in the blank $24$

fill in the blank $25$

fill in the blank $26$

fill in the blank $27$

fill in the blank $28$

fill in the blank $29$

fill in the blank $30$

May $8$ fill in the blank $31$

fill in the blank $32$

fill in the blank $33$

fill in the blank $34$

fill in the blank $35$

fill in the blank $36$

fill in the blank $37$

fill in the blank $38$

fill in the blank $39$

May $10$ fill in the blank $40$

fill in the blank $41$

fill in the blank $42$

fill in the blank $43$

fill in the blank $44$

fill in the blank $45$

fill in the blank $46$

fill in the blank $47$

fill in the blank $48$

May $19$ fill in the blank $49$

fill in the blank $50$

fill in the blank $51$

fill in the blank $52$

fill in the blank $53$

fill in the blank $54$

fill in the blank $55$

fill in the blank $56$

fill in the blank $57$

May $28$ fill in the blank $58$

fill in the blank $59$

fill in the blank $60$

fill in the blank $61$

fill in the blank $62$

fill in the blank $63$

fill in the blank $64$

fill in the blank $65$

fill in the blank $66$

fill in the blank $67$

fill in the blank $68$

fill in the blank $69$

June $5$ fill in the blank $70$

fill in the blank $71$

fill in the blank $72$

fill in the blank $73$

fill in the blank $74$

fill in the blank $75$

fill in the blank $76$

fill in the blank $77$

fill in the blank $78$

fill in the blank $79$

fill in the blank $80$

fill in the blank $81$

June $16$ fill in the blank $82$

fill in the blank $83$

fill in the blank $84$

fill in the blank $85$

fill in the blank $86$

fill in the blank $87$

fill in the blank $88$

fill in the blank $89$

fill in the blank $90$

fill in the blank $91$

fill in the blank $92$

fill in the blank $93$

June $21$ fill in the blank $94$

fill in the blank $95$

fill in the blank $96$

fill in the blank $97$

fill in the blank $98$

fill in the blank $99$

fill in the blank $100$

fill in the blank $101$

fill in the blank $102$

June $28$ fill in the blank $103$

fill in the blank $104$

fill in the blank $105$

fill in the blank $106$

fill in the blank $107$

fill in the blank $108$

fill in the blank $109$

fill in the blank $110$

fill in the blank $111$

June $30$ Balances $fill in the blank $112$

$fill in the blank $113$

$2.$ Determine the total sales, the total cost of merchandise sold, and the gross profit from sales for the period.

Total sales $fill in the blank $114$

Total cost of merchandise sold fill in the blank $115$

Gross profit $fill in the blank $116$

$3.$ Determine the ending inventory cost on June $30.$

$fill in the blank $117$