### Understanding Perpetual Inventory System and FIFO Method#### Beginning Inventory, Purchases, and Sales of Tennis Rackets (April)- **April 3:** - Beginning Inventory: 18 units @ $14 each- **April 11:** - Purchase: 12 units @ $18 each- **April 14:** - Sale: 25 units- **April 21:** - Purchase: 13 units @ $19 each- **April 25:** - Sale: 8 units#### Step-by-Step Guide to Completing the Inventory Cost CardThe table is divided into three sections:1. **Purchases**2. **Cost of Goods Sold**3. **Inventory**Here’s how to fill out each section assuming a perpetual inventory system and FIFO (First-In-First-Out) method:**Purchases Section:**- **April 3:** - Qty: 18 - Unit Cost: $14 - Total Cost: $252- **April 11:** - Qty: 12 - Unit Cost: $18 - Total Cost: $216- **April 21:** - Qty: 13 - Unit Cost: $19 - Total Cost: $247**Cost of Goods Sold (COGS) Section:**- **April 14:** - Qty: 18 - Unit Cost: $14 - Total Cost: $252- **April 14:** - Qty: 7 - Unit Cost: $18 - Total Cost: $126 - **April 25:** - Qty: 8 - Unit Cost: $18 - Total Cost: $144**Inventory Section:**- **April 11:** - Qty: 18 - Unit Cost: $14 - Total Cost: $252 - Qty: 12 - Unit Cost: $18 - Total Cost: $216- **April 14:** - Qty: 5 - Unit Cost: $18 - Total Cost: $90- **April 21:** - Qty: 5 - Unit Cost: $18 - Total Cost: $90 - Qty: 13

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Description: ### Understanding Perpetual Inventory System and FIFO Method#### Beginning Inventory, Purchases, and Sales of Tennis Rackets (April)- **April 3:** - Beginning Inventory: 18 units @ $14 each- **April 11:** - Purchase: 12 units @ $18 each- **April 1

The basic assumption of FIFO method is that, inventory Which is bought first will sale first.

Business

Accounting

Beginning inventory, purchases, and sales data for tennis rackets are as follows: April 3 Inventory 18 units @ $14 11 Purchase 12 units @ $18 14 Sale 25 units 21 Purchase 13 units @ $19 25 Sale 8 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 FIFO. 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 $4 14 21 25 Total Cost of goods sold Ending inventory value

Beginning inventory, purchases, and sales data for tennis rackets are as follows: April 3 Inventory 18 units @ $14 11 Purchase 12 units @ $18 14 Sale 25 units 21 Purchase 13 units @ $19 25 Sale 8 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 FIFO. 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 $4 14 21 25 Total Cost of goods sold Ending inventory value

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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