Beginning inventory, purchases, and sales data for hammers are as follows: Mar. 3 Inventory 12 units at $15 11 Purchase 13 units at $17 14 Sale 18 units 21 Purchase 9 units at $20 25 Sale 10 units Assuming the business maintains a perpetual inventory system, complete the subsidiary inventory ledger and determine the cost of merchandise sold and ending inventory under the following assumptions: a. First-in, first-out Purchases Cost of Merchandise Sold Inventory Date Qty Unit Cost Total Cost Qty Unit Cost Total Cost Qty Unit Cost Total Cost Mar. 3 fill in the blank 1 $fill in the blank 2 $fill in the blank 3 11 fill in the blank 4 $fill in the blank 5 $fill in the blank 6 fill in the blank 7 $fill in the blank 8 $fill in the blank 9 fill in the blank 10 $fill in the blank 11 fill in the blank 12 14 fill in the blank 13 $fill in the blank 14 $fill in the blank 15 fill in the blank 16 $fill in the blank 17 $fill in the blank 18 fill in the blank 19 $fill in the blank 20 fill in the blank 21 21 fill in the blank 22 $fill in the blank 23 $fill in the blank 24 fill in the blank 25 $fill in the blank 26 $fill in the blank 27 fill in the blank 28 $fill in the blank 29 fill in the blank 30 25 fill in the blank 31 $fill in the blank 32 $fill in the blank 33 fill in the blank 34 $fill in the blank 35 $fill in the blank 36 fill in the blank 37 $fill in the blank 38 fill in the blank 39 Balances $fill in the blank 40 $fill in the blank 41 Cost of merchandise sold $fill in the blank 42 Ending Inventory $fill in the blank 43 b. Last-in, first-out Purchases Cost of Merchandise Sold Inventory Date Qty Unit Cost Total Cost Qty Unit Cost Total Cost Qty Unit Cost Total Cost Mar. 3 fill in the blank 44 $fill in the blank 45 $fill in the blank 46 11 fill in the blank 47 $fill in the blank 48 $fill in the blank 49 fill in the blank 50 $fill in the blank 51 $fill in the blank 52 fill in the blank 53 $fill in the blank 54 fill in the blank 55 14 fill in the blank 56 $fill in the blank 57 $fill in the blank 58 fill in the blank 59 $fill in the blank 60 fill in the blank 61 fill in the blank 62 $fill in the blank 63 $fill in the blank 64 21 fill in the blank 65 $fill in the blank 66 $fill in the blank 67 fill in the blank 68 $fill in the blank 69 $fill in the blank 70 fill in the blank 71 $fill in the blank 72 fill in the blank 73 25 fill in the blank 74 $fill in the blank 75 $fill in the blank 76 fill in the blank 77 $fill in the blank 78 fill in the blank 79 fill in the blank 80 $fill in the blank 81 fill in the blank 82 Balances $fill in the blank 83 $fill in the blank 84 Cost of merchandise sold $fill in the blank 85 Ending Inventory $

Beginning inventory, purchases, and sales data for hammers are as follows: Mar. 3 Inventory 12 units at $15 11 Purchase 13 units at $17 14 Sale 18 units 21 Purchase 9 units at $20 25 Sale 10 units Assuming the business maintains a perpetual inventory system, complete the subsidiary inventory ledger and determine the cost of merchandise sold and ending inventory under the following assumptions: a. First-in, first-out Purchases Cost of Merchandise Sold Inventory Date Qty Unit Cost Total Cost Qty Unit Cost Total Cost Qty Unit Cost Total Cost Mar. 3 fill in the blank 1 $fill in the blank 2 $fill in the blank 3 11 fill in the blank 4 $fill in the blank 5 $fill in the blank 6 fill in the blank 7 $fill in the blank 8 $fill in the blank 9 fill in the blank 10 $fill in the blank 11 fill in the blank 12 14 fill in the blank 13 $fill in the blank 14 $fill in the blank 15 fill in the blank 16 $fill in the blank 17 $fill in the blank 18 fill in the blank 19 $fill in the blank 20 fill in the blank 21 21 fill in the blank 22 $fill in the blank 23 $fill in the blank 24 fill in the blank 25 $fill in the blank 26 $fill in the blank 27 fill in the blank 28 $fill in the blank 29 fill in the blank 30 25 fill in the blank 31 $fill in the blank 32 $fill in the blank 33 fill in the blank 34 $fill in the blank 35 $fill in the blank 36 fill in the blank 37 $fill in the blank 38 fill in the blank 39 Balances $fill in the blank 40 $fill in the blank 41 Cost of merchandise sold $fill in the blank 42 Ending Inventory $fill in the blank 43 b. Last-in, first-out Purchases Cost of Merchandise Sold Inventory Date Qty Unit Cost Total Cost Qty Unit Cost Total Cost Qty Unit Cost Total Cost Mar. 3 fill in the blank 44 $fill in the blank 45 $fill in the blank 46 11 fill in the blank 47 $fill in the blank 48 $fill in the blank 49 fill in the blank 50 $fill in the blank 51 $fill in the blank 52 fill in the blank 53 $fill in the blank 54 fill in the blank 55 14 fill in the blank 56 $fill in the blank 57 $fill in the blank 58 fill in the blank 59 $fill in the blank 60 fill in the blank 61 fill in the blank 62 $fill in the blank 63 $fill in the blank 64 21 fill in the blank 65 $fill in the blank 66 $fill in the blank 67 fill in the blank 68 $fill in the blank 69 $fill in the blank 70 fill in the blank 71 $fill in the blank 72 fill in the blank 73 25 fill in the blank 74 $fill in the blank 75 $fill in the blank 76 fill in the blank 77 $fill in the blank 78 fill in the blank 79 fill in the blank 80 $fill in the blank 81 fill in the blank 82 Balances $fill in the blank 83 $fill in the blank 84 Cost of merchandise sold $fill in the blank 85 Ending Inventory $

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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Question

Beginning inventory, purchases, and sales data for hammers are as follows:

Mar. 3	Inventory	12 units at $15
11	Purchase	13 units at $17
14	Sale	18 units
21	Purchase	9 units at $20
25	Sale	10 units

Assuming the business maintains a perpetual inventory system, complete the subsidiary inventory ledger and determine the cost of merchandise sold and ending inventory under the following assumptions:

a. First-in, first-out

	Purchases		Cost of Merchandise Sold	Inventory
Date	Qty	Unit Cost	Total Cost	Qty	Unit Cost	Total Cost	Qty	Unit Cost	Total Cost
Mar. 3							fill in the blank 1	$fill in the blank 2	$fill in the blank 3
11	fill in the blank 4	$fill in the blank 5	$fill in the blank 6				fill in the blank 7	$fill in the blank 8	$fill in the blank 9
							fill in the blank 10	$fill in the blank 11	fill in the blank 12
14				fill in the blank 13	$fill in the blank 14	$fill in the blank 15	fill in the blank 16	$fill in the blank 17	$fill in the blank 18
				fill in the blank 19	$fill in the blank 20	fill in the blank 21
21	fill in the blank 22	$fill in the blank 23	$fill in the blank 24				fill in the blank 25	$fill in the blank 26	$fill in the blank 27
							fill in the blank 28	$fill in the blank 29	fill in the blank 30
25				fill in the blank 31	$fill in the blank 32	$fill in the blank 33	fill in the blank 34	$fill in the blank 35	$fill in the blank 36
				fill in the blank 37	$fill in the blank 38	fill in the blank 39
Balances						$fill in the blank 40			$fill in the blank 41

Cost of merchandise sold	$fill in the blank 42
Ending Inventory	$fill in the blank 43

b. Last-in, first-out

	Purchases		Cost of Merchandise Sold	Inventory
Date	Qty	Unit Cost	Total Cost	Qty	Unit Cost	Total Cost	Qty	Unit Cost	Total Cost
Mar. 3							fill in the blank 44	$fill in the blank 45	$fill in the blank 46
11	fill in the blank 47	$fill in the blank 48	$fill in the blank 49				fill in the blank 50	$fill in the blank 51	$fill in the blank 52
							fill in the blank 53	$fill in the blank 54	fill in the blank 55
14				fill in the blank 56	$fill in the blank 57	$fill in the blank 58	fill in the blank 59	$fill in the blank 60	fill in the blank 61
				fill in the blank 62	$fill in the blank 63	$fill in the blank 64
21	fill in the blank 65	$fill in the blank 66	$fill in the blank 67				fill in the blank 68	$fill in the blank 69	$fill in the blank 70
							fill in the blank 71	$fill in the blank 72	fill in the blank 73
25				fill in the blank 74	$fill in the blank 75	$fill in the blank 76	fill in the blank 77	$fill in the blank 78	fill in the blank 79
				fill in the blank 80	$fill in the blank 81	fill in the blank 82
Balances						$fill in the blank 83			$fill in the blank 84

Cost of merchandise sold	$fill in the blank 85
Ending Inventory	$

Expert Solution

Step 1

a) First In, First Out

	Purchases			Sold			Inventory
Date	Qty	Unit cost	Total cost	Qty	Unit cost	Total cost	Qty	Unit cost	Total cost
Mar 3							12	$15	$180
Mar 11	13	$17	$221				25	$16	$401
				12	$15	$180	13	$17	$221
Mar 14				6	$17	$102	7	$17	$119
Mar 21	9	$20	$180				16	$18.7	$299
				7	$17	$119	9	$20	$180
Mar 25				3	$20	$60	6	$20	$120

Cost of merchandise sold $461

Ending Inventory $120

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