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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 42 $450 $18,900 8 Purchase 84 540 45,360 11 Sale 56 1,500 84,000 30 Sale 35 1,500 52,500 May 8 Purchase 70 600 42,000 10 Sale 42 1,500 63,000 19 Sale 21 1,500 31,500 28 Purchase 70 660 46,200 June 5 Sale 42 1,575 66,150 16 Sale 56 1,575 88,200 21 Purchase 126 720 90,720 28 Sale 63 1,575 99,225 tequired: Record the intry, purchases, and cost of merchandise old 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 tim Rhodes Co. Perpetual Inventory Account LIFO Method For the three months ended June 30 Cost of Merchandise Sold Quantity Unit Cost Total Coat Inventory Purchases Unit Cost Date Quantity Total Cost Quantity Unit Cost Total Cost Ar 450 18,900 450 18,900 84 540 45, 350 84 540 45,360 42 450 18,900 Apr. 11 56 1.500 84,000 56 1,500 8,400 35 1,500 52,500 Ar. 30 21 1,500 31,500 May 70 600 42,000 May 10 1,500 63,000 May 19 21 1,500 31,500 May 28 70 660 46,200 . 1,53 1,575 66,150 1.26 90, 720 June 2 63 1,575 99,225 un 10 Determine the total sales, the total cost of merchandise sold, and the grass profit from sales for the period. 484,575 otal cost of merchandise sold cross profit Demine the ending inventory on June 30. 71,400

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