Beginning inventory, purchases, and sales data for tennis rackets are as follows: Apr 3 Inventory 21 units @ $15 11 Purchase 12 units $18 14 Sale 16 units 21 Purchase 25 Sale 12 units@ $20 18 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 LIFO. Cost of Merchandise Sold Unit Cost Date April 3 11 Qty. 12 Purchases Unit Cost 18 Total Cost 216 Qty. Total Cost 1 Qty. 21 21 12 Inventory Unit Cost 15 15 18 Total Cost 315 315 216
Beginning inventory, purchases, and sales data for tennis rackets are as follows: Apr 3 Inventory 21 units @ $15 11 Purchase 12 units $18 14 Sale 16 units 21 Purchase 25 Sale 12 units@ $20 18 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 LIFO. Cost of Merchandise Sold Unit Cost Date April 3 11 Qty. 12 Purchases Unit Cost 18 Total Cost 216 Qty. Total Cost 1 Qty. 21 21 12 Inventory Unit Cost 15 15 18 Total Cost 315 315 216
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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please do not give answer in image formate
Transcribed Image Text:Beginning inventory, purchases, and sales data for tennis rackets are as follows:
April
3 Inventory 21 units @
$15
11 Purchase
12 units
$18
14 Sale
16 units
12 units @ $20
18 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 LIFO,
Cost of
Merchandise Sold
Unit Cost
21 Purchase
25 Sale
Date
April 3
11
14
21
25
Qty.
12
Purchases
Unit Cost
10
Total Cost
216
Qty.
3 3
Total cost of merchandise sold
Total Cost
Qty.
21
21
12
Inventory
Unit Cost
15
Ending inventory value
15
18
Total Cost
315
B33
315
216
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