LFO Perpetual Inventory The beginning inventory of merchandise at Rhodes Co. and data on purchases...
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LFO 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 72 $300 $21,600 8 Purchase 144 360 51,840 11 Sale 96 1,000 96,000 30 Sale 60 1,000 60,000 May 8 Purchase 120 400 48,000 10 Sale 72 1,000 72,000 19 Sale 36 1,000 36,000 28 Purchase 120 440 52,800 June 5 Sale 72 1,050 75,600 16 Sale 96 1,050 100,800 21 Purchase 216 480 103,680 28 Sale 108 1,050 113,400 Rhodes Co. Perpetual Inventory Account LIFO Method For the three-menthe ended June 30 Coat of Merchandise Sold Quantity Unit Cost Total Cost Purchases Inventory Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost a AP 0 D A 11 Ap 30 Hays 1 1 a 001 00 DJI 00 May 10 May 19 May 21 - I une 5 June 16 June + 2. 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 3. Determine the ending inventory cost on June 30
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