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.
Chapter1: Financial Statements And Business Decisions
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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

Transcribed Image Text: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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