25 Sale 15 units Complete the subsidiary inventory ledger assuming the business maintains a perpetual inventory system and computes the cost of merchandise sold and ending inventory using FIFO.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Beginning inventory, purchases, and sales data for tennis rackets are as follows:
April 3 Inventory 22 units @ $18
11 Purchase
17 units @ $16
14 Sale
28 units
21 Purchase
12 units @ $18
25 Sale
15 units
Complete the subsidiary inventory ledger assuming the business maintains a perpetual inventory system and computes the cost of merchandise sold and ending inventory using FIFO.
Cost of
Merchandise Sold
Unit Cost
Date
April 3
11
14
21
25
Qty.
17
12
$
Purchases
Unit Cost
16
18
Total Cost
$
$
396
216
Qty.
28
16
Total cost of merchandise sold
Total Cost
448
Qty.
22
22
17
$
$
$
Inventory
Unit Cost
18
18
16
Ending inventory value
$
$
$
Total Cost
396
272
396
Transcribed Image Text:Beginning inventory, purchases, and sales data for tennis rackets are as follows: April 3 Inventory 22 units @ $18 11 Purchase 17 units @ $16 14 Sale 28 units 21 Purchase 12 units @ $18 25 Sale 15 units Complete the subsidiary inventory ledger assuming the business maintains a perpetual inventory system and computes the cost of merchandise sold and ending inventory using FIFO. Cost of Merchandise Sold Unit Cost Date April 3 11 14 21 25 Qty. 17 12 $ Purchases Unit Cost 16 18 Total Cost $ $ 396 216 Qty. 28 16 Total cost of merchandise sold Total Cost 448 Qty. 22 22 17 $ $ $ Inventory Unit Cost 18 18 16 Ending inventory value $ $ $ Total Cost 396 272 396
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