Beginning inventory, purchases, and sales data for tennis rackets are as follows: April 3 Inventory 11 Purchase 14 Sale. 21 Purchase 25 Sale 21 units @ $16 17 units @ $15 28 units 10 units @ $18 13 units. Complete the inventory record assuming the business maintains a perpetual inventory system, and determine the cost of goods sold and ending inventory using Cost of Goods Sold Unit Cost Date April 3 11 14 Purchases Qty 17 Purchases Unit Cost 15 Purchases Total Cost 255 Cost of Goods Sold Qty 28 m 15.75 Bil Cost of Goods Sold Total Cost 441 66000 110000 Inventory Qty Inventory Unit Cost

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Beginning inventory, purchases, and sales data for tennis rackets are as follows:
April 3 Inventory
21 units @ $16
11 Purchase
17 units @ $15
14 Sale
21 Purchase
25 Sale
Complete the inventory record assuming the business maintains a perpetual inventory system, and determine the cost of goods sold and ending inventory using FIFO.
Cost of
Goods Sold
Unit Cost
Cost of
Goods Sold
Total Cost
Date
April 3
11
14
21
25
28 units
10 units @ $18
13 units
Balances
Purchases
Qty
17
10
Purchases
Unit Cost
15
18
Purchases
Total Cost
255
180
Cost of
Goods Sold
Qty
28
13
E
15.75
$
441
Inventory
Qty
21
21
10000
Inventory
Unit Cost
$
$
16
16
000
Inventory
Total Cost
6600 000 L
336
336
Transcribed Image Text:Beginning inventory, purchases, and sales data for tennis rackets are as follows: April 3 Inventory 21 units @ $16 11 Purchase 17 units @ $15 14 Sale 21 Purchase 25 Sale Complete the inventory record assuming the business maintains a perpetual inventory system, and determine the cost of goods sold and ending inventory using FIFO. Cost of Goods Sold Unit Cost Cost of Goods Sold Total Cost Date April 3 11 14 21 25 28 units 10 units @ $18 13 units Balances Purchases Qty 17 10 Purchases Unit Cost 15 18 Purchases Total Cost 255 180 Cost of Goods Sold Qty 28 13 E 15.75 $ 441 Inventory Qty 21 21 10000 Inventory Unit Cost $ $ 16 16 000 Inventory Total Cost 6600 000 L 336 336
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