The beginning inventory at RTE Office Supplies and data

| April 14, 2018

The beginning inventory at RTE Office Supplies and data on purchases and sales for a three-month period ending August 31, 2013, are as follows:(1) Record the inventory, pruchases, and cost of merchandise sold date in a perpetual inventory record, using the first-in, first-out method.(2) Determine the total sales and the total cost of merchandise sold for the period. Journalize the entries in the sales and cost of merchandise sold accounts. Assume that all sales were on account.(3) Determine the gross profit from sales for the period.(4) Determine th ending inventory cost as of August 31, 2013.DatePurchasesCost of Merchandise SoldInventoryQuantityUnitCostTotalCostQuantityUnitCostTotalCostQuantityUnitCostTotalCostJune 1600$30.00$ 14,000101,700$36.00$ 55,0002830July 5101628Aug. 514253031BalancesJOURNALDescriptionDebitCreditGross profit for the sales periodEnding inventory costInventory under LIFO would belower

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