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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 of Merchandise 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 $

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 of Merchandise 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 $

FINANCIAL ACCOUNTING
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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  1. 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 of
    Merchandise 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 $
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