Beginning Inventory, purchases, and sales data for tennis rackets are as follows: April 3 Inventory 11 Purchase 19 units @ $15 12 units @ $15 14 Sale 24 units 21 Purchase 25 Sale 11 units @ $15 11 units Complete the inventory record assuming the business maintains a perpetual inventory system, and determine the cost of goods sold and ending inventory using FIFO. Purchases Purchases Date Qty Unit Cost Purchases Total Cost Cost of Goods Sold Qty Cost of Goods Sold Unit Cost Cost of Goods Sold Total Cost Inventory Inventory Inventory Qty Unit Cost Total Cost April 3 11 14 21 25 Balances ☐ 88 ☐☐☐ ☐☐☐

Beginning Inventory, purchases, and sales data for tennis rackets are as follows: April 3 Inventory 11 Purchase 19 units @ $15 12 units @ $15 14 Sale 24 units 21 Purchase 25 Sale 11 units @ $15 11 units Complete the inventory record assuming the business maintains a perpetual inventory system, and determine the cost of goods sold and ending inventory using FIFO. Purchases Purchases Date Qty Unit Cost Purchases Total Cost Cost of Goods Sold Qty Cost of Goods Sold Unit Cost Cost of Goods Sold Total Cost Inventory Inventory Inventory Qty Unit Cost Total Cost April 3 11 14 21 25 Balances ☐ 88 ☐☐☐ ☐☐☐

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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Beginning inventory, purchases, and sales data for tennis rackets are as follows
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The cost of merchandise sold and merchandise inventory is determined from the inventory cost flow assumption. To illustrate, beginning inventory, purchases and sales of shoes are shown below for Grant Co., using a perpetual inventory system. 1. In the table below, fill in the March 24 quantity, unit cost, and total cost in the spaces provided for determining Cost of Merchandise Sold (COMS) and Merchandise Inventory under the FIFO cost flow assumption, assuming 32 shoes are sold on March 24. Determine the COMS and Merchandise inventory final balances. If units are in inventory or are listed under cost of merchandise sold at two different costs, enter the units that were purchased earliest first. 2. In the table below, fill in the March 24 quantity, unit cost, and total cost in the spaces provided for determining Cost of Merchandise Sold (COMS) and Merchandise Inventory under the LIFO cost flow assumption, assuming 32 shoes are sold on March 24. Determine the COMS and Merchandise…
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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
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