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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 $150 $8,100 8 Purchase 108 180 19,440 11 Sale 72 500 36,000 30 Sale 45 500 22,500 May 8 Purchase 90 200 18,000 10 Sale 54 500 27,000 19 Sale 27 500 13,500 28 Purchase 90 220 19,800 June 5 Sale 54 525 28,350 16 Sale 72 525 37,800 21 Purchase 162 240 38,880 28 Sale 81 525 42,525 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 $ Apr. 8 Apr. 11 Apr. 30 May 8 May 10 10 11 11 May 19 May 28 1 I June 5 1 1 I June 16 - June 21 June 28 June 30 Balances 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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