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

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter7: Inventories

Section: Chapter Questions

Problem 2PEA: Beginning inventory, purchases, and sales for Item Widget are as follows: Assuming a perpetual...

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Beginning inventory, purchases, and sales data for portable game players are as follows: The business maintains a perpetual inventory system, costing by the first-in, first-out method. a. Determine the cost of the merchandise sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 3. b. Based upon the preceding data, would you expect the inventory to be higher or lower using the last-in, first-out method?
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Beginning inventory, purchases, and sales data for tennis rackets are as follows: 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 calculates the cost of merchandise sold and ending inventory using LIFO. Purchases Cost ofMerchandise Sold Inventory Date Qty Unit Cost Total Cost Qty Unit Cost Total Cost Qty Unit Cost Total Cost Apr. 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…
Beginning inventory, purchases, and sales data for tennis rackets are as follows: April 3 Inventory 21 units @ $16 11 Purchase 17 units @ $19 14 Sale 22 units 21 12 units @ $16 25 Sale 14 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 LIFÖ. LIFA Date April 3 11 14 21 Purchase 25 Qty. Purchases Unit Cost Total Cost Qty. Cost of Merchandise Sold Unit Cost Total cost of merchandise sold Total Cost Qty. $ Inventory Unit Cost Ending inventory value Total Cost
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
Beginning inventory, purchases, and sales data for tennis rackets are as follows: April 3 Inventory 18 units @ $16 11 Purchase 17 units @ $14 14 Sale 23 units 21 Purchase 8 units @ $18 25 Sale 12 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 LIFO. Cost of Purchases Goods Sold Inventory Date Qty. Unit Cost Total Cost Qty. Unit Cost Total Cost Qty. Unit Cost Total Cost April 3 11 14 21 25 Total Cost of goods sold Ending inventory value 00
Beginning inventory, purchases, and sales data for tennis rackets are as follows: April 3 Inventory 19 units @ $13 11 Purchase 15 units @ $18 14 Sale 24 units 21 Purchase 9 units @ $16 25 Sale 13 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 Purchases Inventory Goods Sold Date Qty. Unit Cost Total Cost Qty. Unit Cost Total Cost Qty. Unit Cost Total Cost April 3 11 $ 14 $ Accounting numeric field 25 %24 %24 %24 %24 %24 %24 %24 %24 %24 %24 %24 %24 %24 %24 %24 %24 %24 %24 %24 21
Beginning inventory, purchases, and sales data for tennis rackets are as follows: April 3 Inventory 18 units @ $14 11 Purchase 12 units @ $18 14 Sale 25 units 21 Purchase 13 units @ $19 25 Sale 8 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 Purchases Goods Sold Inventory Date Qty. Unit Cost Total Cost Qty. Unit Cost Total Cost Qty. Unit Cost Total Cost April 3 %$4 11 $4 $ 14 21 $4 25 $4 $4 $4 Total Cost of goods sold $4 Ending inventory value %24 %24 %24 %24 %24 %24 %24 %24 %24 %24 %24 %24 %24 %24 %24 %24 %24 %24 %24
Beginning inventory, purchases, and sales data for tennis rackets are as follows: April 3 Inventory 18 units @ $12 11 Purchase 17 units @ $19 14 Sale 22 units 21 Purchase 12 units @ $17 25 Sale 19 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 11 14 21 25 Total Cost of goods sold Ending inventory value