Question

FIFO 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 of Units Date Transaction Per Unit Total Apr. 3 Inventory 60 $375 $22,500 8 Purchase 120 450 54,000 11 Sale 80 1,250 100,000 30 Sale 50 1,250 62,500 May 8 Purchase 100 500 50,000 10 Sale 60 1,250 75,000 19 Sale 30 1,250 37,500 28 Purchase 100 550 55,000 June 5 Sale 60 1,315 78,900 16 Sale 80 1,315 105,200 21 Purchase 180 600 108,000 28 Sale 90 1,315 118,350 Required:

Answer 1

STATEMENT SHOWING INVENTORY RECORD UNDER PERPETUAL FIFO METHOD
	RECIEPTS	COST OF GOODS SOLD	BALANCE
DATE	UNITS	RATE	AMOUNT $	UNITS	RATE	AMOUNT $	UNITS	RATE	AMOUNT $
03-Apr							60	375	22500
08-Apr	120	450	54000				60	375	22500
							120	450	54000
11-Apr				60	375	22500
				20	450	9000	100	450	45000
30-Apr				50	450	22500	50	450	22500
08-May	100	500	50000				50	450	22500
							100	500	50000
10-May				50	450	22500
				10	500	5000	90	500	45000
19-May				30	500	15000	60	500	30000
28-May	100	550	55000				60	500	30000
							100	550	55000
05-Jun				60	500	30000	100	550	55000
16-Jun				80	550	44000	20	550	11000
21-Jun	180	600	108000				20	550	11000
							180	600	108000
28-Jun				20	550	11000
				70	600	42000	110	600	66000
TOTAL	500		267000	450		223500	110		66000
Req 2.
Journal entries
S.no.	Accounts title and explanation			Debit $	Credit $
a.	Accounts receivable				5,77,450
	Sales revenue					5,77,450
	(for sales made on account)
	(100000+62500+75000+37500+78900+105200+118350)
b.	Cost of goods sold				2,23,500
	Merchandise inventory				2,23,500
	(for cost of goods sold)
Req 3.
Sales revenue		5,77,450
Less: Cost of goods sold	2,23,500
Gross Profit		3,53,950
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