Beginning inventory, purchases, and sales data for tennis rackets are as follows: April 3 Inventory 19 units @ $13 11 Purchase 15 units @ $18 14 Sale 24 units 21 Purchase 9 units @ $16 25 Sale 13 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 Inventory Goods Sold Date Qty. Unit Cost Total Cost Qty. Unit Cost Total Cost Qty. Unit Cost Total Cost April 3 11 $4 14 21 Accounting numeric field 25

Beginning inventory, purchases, and sales data for tennis rackets are as follows: April 3 Inventory 19 units @ $13 11 Purchase 15 units @ $18 14 Sale 24 units 21 Purchase 9 units @ $16 25 Sale 13 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 Inventory Goods Sold Date Qty. Unit Cost Total Cost Qty. Unit Cost Total Cost Qty. Unit Cost Total Cost April 3 11 $4 14 21 Accounting numeric field 25

Name: April3 Inventory19 units @ $1311Purchase15 units @ $1814 Sale24 units
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Description: April3 Inventory19 units @ $1311Purchase15 units @ $1814 Sale24 units21 Purchase9 units @ $1625 Sale13 unitsComplete the inventory cost card assuming the business maintains a perpetual inventory system and determine the cost of goods sold and ending

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 T-shirts are as follows: April 3 Inventory 24 units @ $10 11 Purchase 26 units @ $12 14 Sale 36 units 21 Purchase 18 units @ $15 25 Sale 20 units Assuming the business maintains a periodic inventory system; calculate the cost of merchandise sold and ending inventory under the following assumptions: FIFO LIFO Average cost In your computations, round the average cost per unit to two decimal places and round your final answers to the nearest dollar.
Beginning inventory, purchases, and sales data for tennis rackets are as follows: April 3 Inventory 22 units @ $16 11 Purchase 17 units @ $14 14 Sale 26 units 21 Purchase 10 units @ $20 25 Sale 19 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. Cost of Goods Sold Cost of Goods Sold Cost of Goods Sold Total Cost Qty Unit Cost Date April 3 11 14 21 25 Balances Purchases Qty Purchases Unit Cost Purchases Total Cost 00 A FA 00 00 00 Inventory Qty 0000 000 Inventory Unit Cost 000 0000 $ S Inventory Total Cost
Beginning inventory, purchases, and sales data for tennis rackets are as follows
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Required information The following information applies to the questions displayed below] Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Date March 1 March 5 Harch 9. March 18 March 25 March 29 Total Perpetual FIFO Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals Date March 1 March 5 March 18 March 25 Complete this question by entering your answers in the tabs below. Perpetual LIFO 3. Compute the cost assigned to ending inventory using (a) FIFO. (b) LIFO. (c) weighted average, and (d) specific identification. For specific identification, units sold include 80 units from beginning inventory. 340 units from the March 5 purchase. 40 units from the March 18 purchase, and 120 units from the March 25 purchase. Weighted Average Goods Available for Sale # of units 400 120 200 720 Specific Id Compute the cost assigned to ending inventory using specific identification. For specific…
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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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