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

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Description: Beginning inventory, purchases, and sales data for tennis rackets are as follows:April3 Inventory19 units @ $1211Purchase16 units @ $1714Sale23 units21Purchase12 units @ $2025Sale15 unitsComplete the inventory cost card assuming the business maintai

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 tennis rackets are as follows
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