**Beginning Inventory, Purchases, and Sales Data for Tennis Rackets:**- **April 3:** - Inventory: 19 units @ $12- **April 11:** - Purchase: 17 units @ $16- **April 14:** - Sale: 24 units- **April 21:** - Purchase: 11 units @ $16- **April 25:** - Sale: 17 units**Task:**Complete the inventory record assuming the business maintains a perpetual inventory system and determine the cost of goods sold and ending inventory using the Last-In, First-Out (LIFO) method.**Inventory Record Table:**The table is divided into several columns:1. **Date**2. **Purchases:** - Quantity (Qty) - Unit Cost - Total Cost3. **Cost of Goods Sold:** - Quantity (Qty) - Unit Cost - Total Cost4. **Inventory:** - Quantity (Qty) - Unit Cost - Total Cost- For each date (April 3, 11, 14, 21, 25), the appropriate boxes need to be filled in to reflect the purchases, sales, and changes in inventory quantities, costs, and total values.- The **Balances** at the end of the table are to calculate the final totals.

Beginning inventory, purchases, and sales data for tennis rackets are as follows: April 3 Inventory 19 units @ $12 11 Purchase 17 units @ $16 24 units 14 Sale 21 Purchase 11 units @ $16 25 Sale 17 units Complete the inventory record assuming the business maintains a perpetual inventory system, and determine the cost of goods sold and ending inventory using LIFO. Cost of Goods Sold Qty Date Apr. 3 11 14 21 25 Balances 10 0 Purchases Qty Purchases Unit Cost Purchases Total Cost Cost of Goods Sold Unit Cost Cost of Goods Sold Total Cost 00 00 00 000 83 Inventory Qty Inventory Unit Cost Inventory Total Cost ===

Beginning inventory, purchases, and sales data for tennis rackets are as follows: April 3 Inventory 19 units @ $12 11 Purchase 17 units @ $16 24 units 14 Sale 21 Purchase 11 units @ $16 25 Sale 17 units Complete the inventory record assuming the business maintains a perpetual inventory system, and determine the cost of goods sold and ending inventory using LIFO. Cost of Goods Sold Qty Date Apr. 3 11 14 21 25 Balances 10 0 Purchases Qty Purchases Unit Cost Purchases Total Cost Cost of Goods Sold Unit Cost Cost of Goods Sold Total Cost 00 00 00 000 83 Inventory Qty Inventory Unit Cost Inventory Total 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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