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 III II
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 III II
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:
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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F8fa3c2f3-5601-420c-966e-14c1c788064c%2Ff6a27200-1613-4113-9bfb-826f57e8fce6%2Ftui8vlb_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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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