Beginning inventory, purchases, and sales data for tennis rackets are as follows:April 3 Inventory21 units @ $1611 Purchase17 units @ $1514 Sale21 Purchase25 SaleComplete the inventory record assuming the business maintains a perpetual inventory system, and determine the cost of goods sold and ending inventory using FIFO.Cost ofGoods SoldUnit CostCost ofGoods SoldTotal CostDateApril 31114212528 units10 units @ $1813 unitsBalancesPurchasesQty1710PurchasesUnit Cost1518PurchasesTotal Cost255180Cost ofGoods SoldQty2813E15.75$441InventoryQty212110000InventoryUnit Cost$$1616000InventoryTotal Cost6600 000 L336336

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Description: Beginning inventory, purchases, and sales data for tennis rackets are as follows:April 3 Inventory21 units @ $1611 Purchase17 units @ $1514 Sale21 Purchase25 SaleComplete the inventory record assuming the business maintains a perpetual inventory sys

Lets understand the basics.Inventory and cost of goods sold can be calculated using,(1) FIFO(2)…

Business

Accounting

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

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

Section: Chapter Questions

Problem 1Q

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