Beginning inventory, purchases, and sales data for tennis rackets are as follows: April 3 Inventory 19 units @ $12 11 Purchase 16 units @ $17 14 Sale 23 units 21 Purchase 12 units @ $20 25 Sale 15 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 19 $ 12 228 11 16 17 272 19 24 12 228 16 $ 17 272 14 16 17 272 16 $ 17 272 12 84 21 12 20 240 25 Total Cost of goods sold $ Ending inventory value
Beginning inventory, purchases, and sales data for tennis rackets are as follows: April 3 Inventory 19 units @ $12 11 Purchase 16 units @ $17 14 Sale 23 units 21 Purchase 12 units @ $20 25 Sale 15 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 19 $ 12 228 11 16 17 272 19 24 12 228 16 $ 17 272 14 16 17 272 16 $ 17 272 12 84 21 12 20 240 25 Total Cost of goods sold $ Ending inventory value
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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
Transcribed Image Text:Beginning inventory, purchases, and sales data for tennis rackets are as follows:
April
3 Inventory
19 units @ $12
11
Purchase
16 units @ $17
14
Sale
23 units
21
Purchase
12 units @ $20
25
Sale
15 units
Complete the inventory cost card assuming the business maintains a perpetual inventory system and determine the cost of goods sold and ending inventory using LIFO.
Cost of
Purchases
Goods Sold
Inventory
Date
Qty.
Unit Cost
Total Cost
Qty.
Unit Cost
Total Cost
Qty.
Unit Cost
Total Cost
April 3
19
12
228
11
16
17
272
19
2$
12
228
16
2$
17
272
14
16
2$
17
272
16
$
17
272
12
84
21
12
20
240
25
Total Cost of goods sold
$
Ending inventory value
$
%24
%24
%24
%24
%24
%24
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