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: Number Date Transaction Per Unit Total of Units Apr. 3 Inventory 84 $225 $18,900 8 Purchase 168 270 45,360 11 Sale 113 750 84,750 30 Sale 71 750 53,250 May 8 Purchase 140 300 42,000 m 10 Sale 84 750 63,000 19 Sale 42 750 31,500 28 Purchase 140 330 46,200 June 5 Sale 84 790 66,360 16 Sale 112 790 88,480 21 Purchase 252 360 126 790 28 Sale 90,720 99,540 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, ent 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

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: Number Date Transaction Per Unit Total of Units Apr. 3 Inventory 84 $225 $18,900 8 Purchase 168 270 45,360 11 Sale 113 750 84,750 30 Sale 71 750 53,250 May 8 Purchase 140 300 42,000 m 10 Sale 84 750 63,000 19 Sale 42 750 31,500 28 Purchase 140 330 46,200 June 5 Sale 84 790 66,360 16 Sale 112 790 88,480 21 Purchase 252 360 126 790 28 Sale 90,720 99,540 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, ent 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

Name: LIFO Perpetual InventoryThe beginning inventory of merchandise at Rho
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Description: LIFO Perpetual InventoryThe beginning inventory of merchandise at Rhodes Co. and data on purchases and sales for a three-month period ending June 30 are as follows:Numberof UnitsDate TransactionApr. 3Inventory8 PurchaseSaleSale1130May 8101928June 51

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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