Beginning inventory burchases, and sales data for tennis rackets are as fApr 3 Inventory 18 units$1811 Purchase13$1621 Pucha11 unts @12025 Sale17 untComplete the inventory cost card assuming the business maintains a perpetual invertery system and dete the cost of goods sold end ending ventory using LIFOPurchasesCost ofGoods SoldUnit CostInventoryQty.Unit CostTotal CostQty.Total CostQty.UCDateApril 316162083714382122088A1311Total Cost of goods sold181813Ending inventory value10000

Inventory valuation is based on the flow-off issue used by the organization. It can be the first in…

Answered: 11 Pu 14 San Date Art S 11 14 21 25 Qry…

11 Pu 14 San Date Art S 11 14 21 25 Qry 13 17 uns Unit Cont Total Co 200 330 91 Cast of Goods Sold 0000 00 00 888 888 Total Cost Total Cost of goods 110000 Total Cost 324 388 000 0000 000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Inventory Accounting

Inventory accounting is that branch of accounting that helps in determining the specific value of assets at different stages of production and development.

Question

Beginning inventory burchases, and sales data for tennis rackets are as f
Apr 3 Inventory 18 units
$18
11 Purchase
13
$16
21 Pucha
11 unts @120
25 Sale
17 unt
Complete the inventory cost card assuming the business maintains a perpetual invertery system and dete the cost of goods sold end ending ventory using LIFO
Purchases
Cost of
Goods Sold
Unit Cost
Inventory
Qty.
Unit Cost
Total Cost
Qty.
Total Cost
Qty.
UC
Date
April 3
16
16
208
37
14
38
21
220
88
A
13
11
Total Cost of goods sold
18
18
13
Ending inventory value
10000

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