Beginning inventory, purchases, and sales data for tennis rackets are as follows: Apr. 3 Inventory 18 units @ $18.00 11 Purchase 18 units @ $18.00 14 Sale 10 units 21 Purchase 10 units @ $22.00 25 Sale 12 units Assuming the business maintains a perpetual inventory system, calculate the cost of merchandise sold and ending inventory using FIFO.

Beginning inventory, purchases, and sales data for tennis rackets are as follows: Apr. 3 Inventory 18 units @ $18.00 11 Purchase 18 units @ $18.00 14 Sale 10 units 21 Purchase 10 units @ $22.00 25 Sale 12 units Assuming the business maintains a perpetual inventory system, calculate the cost of merchandise sold and ending inventory using FIFO.

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Description: Hi,I am wondering if someone can please help me with this question? I am confused because the number of units decreases from the inventory on April 3 to sales on April 14.Thank you Beginning inventory, purchases, and sales data for tennis rackets are

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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Last year, the following inventories at cost were taken at the Smoke Shop: $7,260 $6,834 $6,726 $7,308The cost of goods sold was $30,800.a) Find the average inventory at cost. Show work.b) Find the turnover at cost. Keep one decimal only. Show work.c) Can you find the average inventory at selling price? Yes? No? Why?
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[The following information applies to the questions displayed below.] Suppose that David has elected to account for inventories and has adopted the last-in, first-out (LIFO) inventory-flow method for his business inventory of widgets (purchase prices below). Widget Number 1 Purchase Date Direct Cost Other Costs Total Cost August 15 $ 2,200 Number 2 October 30 2,350 Number 3 November 10 2,400 Widget Purchase Date Number 4 Early spring Summer Fall In late December, David sold one widget, and next year David expects to purchase three more widgets at the following estimated prices: Number 5 Number 6 $ 2,100 2,200 2,300 David's §481 adjustment amount Number of year(s) Estimated Cost $ 2,600 2,260 2,400 $ 100 150 100 d. Suppose that David initially adopted the LIFO method, but wants to apply for a change to FIFO next year. What would be his §481 adjustment for this change, and over how many year(s) would he make the adjustment? + FIFO
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You are the Certified Managerial Accountant (CMA) for Southwood Company. You have worked for the company for several years and your responsibilities include working with managers to analyze business decisions by allocating production costs to goods and creating budgets and production forecasts. You also provide information to the external accountant for the preparation of the financial statements. Your opinion is well respected and you have successfully worked with management on several big projects in the past. Southwood Company manufactures a single line of footballs in a small plant. Management has been meeting on several ideas they are considering about expansion of the plant as well as your advice on which would be the best alternative for production. After you have prepared the journal entries and income statement for the current year, management has asked you to review the data related to the proposed scenarios and prepare a presentation for top management. Part One: Management…