Beginning inventory, purchases, and sales data for tennis rackets are as follows:April3 Inventory 21 units @ $1611 Purchase17 units @ $1914 Sale22 units2112 units @ $1625 Sale14 unitsComplete the subsidiary inventory ledger assuming the business maintains a perpetual inventory system and computes the cost of merchandise sold and ending inventory using LIFÖ.LIFADateApril 3111421Purchase25Qty.PurchasesUnit CostTotal CostQty.Cost ofMerchandise SoldUnit CostTotal cost of merchandise soldTotal CostQty.$InventoryUnit CostEnding inventory valueTotal Cost

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Description: Beginning inventory, purchases, and sales data for tennis rackets are as follows:April3 Inventory 21 units @ $1611 Purchase17 units @ $1914 Sale22 units2112 units @ $1625 Sale14 unitsComplete the subsidiary inventory ledger assuming the business mai

Under perpetual inventory system, each and every inventory record is maintained. Un der LIFO method…

Business

Accounting

3 Inventory 11 Purchase 14 Sale 21 Purchase 25 Sale ete the subsidiary inventory ledger assuming the business maintains a perpetual inventory system and computes the cost Cost of Merchandise Sold Unit Cost 21 units @ $16 17 units @ $19 Otv. 22 units 12 units @ $16 14 units Purchases Unit Cost Total Cost Qty. Tota

3 Inventory 11 Purchase 14 Sale 21 Purchase 25 Sale ete the subsidiary inventory ledger assuming the business maintains a perpetual inventory system and computes the cost Cost of Merchandise Sold Unit Cost 21 units @ $16 17 units @ $19 Otv. 22 units 12 units @ $16 14 units Purchases Unit Cost Total Cost Qty. Tota

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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Apr. 3 Inventory 12 units @ $45 11 Purchase 13 units @ $47 14 Sale 18 units 21 Purchase 9 units @ $60 25 Sale 10 units Complete the subsidiary inventory ledger assuming the business maintains a perpetual inventory system and calculate the cost of merchandise sold and ending inventory using FIFO. Purchases Cost ofMerchandise Sold Inventory Date Qty Unit Cost Total Cost Qty Unit Cost Total Cost Qty Unit Cost Total Cost Apr. 3 $ $ 11 $ $ $ $ $ $ 14 $ $ $ $ $ $ 21 $ $ $ $ $ $ 25 $ $ $ $ $ $ Total cost of Merchandise sold $ Ending inventory value $ Previous
Beginning inventory, purchases, and sales data for tennis rackets are as follows: April 3 Inventory 20 units @ $14 11 Purchase 14 units @ $15 14 Sale 26 units 21 Purchase 14 units @ $19 25 Sale 14 units Complete the inventory cost card assuming the business maintains a perpetual inventory system and determine the cost of goods sold and ending inventory using FIFO. Cost of Inventory Purchases Goods Sold Date Qty. Unit Cost Total Cost Qty. Unit Cost Total Cost Qty. Unit Cost Total Cost April 3 20 %24 14 11 14 15 20 $4 14 14 %24 $ 15 14 20 14 $ 21 14 19 24 %24 25 Total Cost of goods sold Ending inventory value
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