AprilInventory19 units @ $1811 Purchase16 units @ $1614 Sale20 units21 Purchase12 units @ $2125 Sale14 unitsComplete the inventory cost card assuming the business maintains a perpetual inventory system and determine the cost of goods sold and ending inventory using LIFOCost ofInventoryPurchasesGoods SoldTotal CostQty.Unit CostTotal CostUnit CostTotal CostQty.Unit CostDateQty.$April 311142125Ending inventory valueTotal Cost of goods sold%24%24%24%24%24%24%24%24%24%24%24%24%24%24%24%24%24 Beginning inventory, purchases, and sales data for tennis rackets are as follows:April3 Inventory19 units @ $1811 Purchase16 units @ $1614 Sale20 units21 Purchase12 units @ $2125 Sale14 unitsComplete 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 ofGoods SoldInventoryPurchasesQty.Unit CostTotal CostQty.Unit CostTotal CostDateQty.Unit CostTotal CostApril 311$14$21%24%24%24%24%24%24%24%24%24%24

Last In First Out (LIFO) : Under this method ,materials last received are issued first. Thus…

Beginning inventory, purchases, and sales data for tennis rackets are as follows: April 3 Inventory 19 units @ $18 11 Purchase 16 units @ $16 14 Sale 20 units 21 Purchase 12 units @ $21 25 Sale 14 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. Cest of

Beginning inventory, purchases, and sales data for tennis rackets are as follows: April 3 Inventory 19 units @ $18 11 Purchase 16 units @ $16 14 Sale 20 units 21 Purchase 12 units @ $21 25 Sale 14 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. Cest of

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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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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