Beginning inventory, purchases, and sales data for tennis rackets are as follows: April 3 Inventory 20 units @ $14 11 Purchase 14 units @ $15 14 Sale 26 units 21 Purchase 14 units @ $19 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 FIFO. Cost of Inventory Purchases Goods Sold Date Qty. Unit Cost Total Cost Qty. Unit Cost Total Cost Qty. Unit Cost Total Cost April 3 20 $1 14 11 14 15 20 14 14 $1 15 14 20 14 21 14 19 25 Total Cost of goods sold Ending inventory value

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Beginning inventory, purchases, and sales data for tennis rackets are as follows:
April 3 Inventory
20 units @ $14
11 Purchase
14 units @ $15
14 Sale
26 units
21 Purchase
14 units @ $19
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 FIFO.
Cost of
Inventory
Purchases
Goods Sold
Date
Qty.
Unit Cost
Total Cost
Qty.
Unit Cost
Total Cost
Qty.
Unit Cost
Total Cost
April 3
20
%24
14
11
14
15
20
$4
14
14
%24
$
15
14
20
14
$
21
14
19
24
%24
25
Total Cost of goods sold
Ending inventory value
Transcribed Image Text:Beginning inventory, purchases, and sales data for tennis rackets are as follows: April 3 Inventory 20 units @ $14 11 Purchase 14 units @ $15 14 Sale 26 units 21 Purchase 14 units @ $19 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 FIFO. Cost of Inventory Purchases Goods Sold Date Qty. Unit Cost Total Cost Qty. Unit Cost Total Cost Qty. Unit Cost Total Cost April 3 20 %24 14 11 14 15 20 $4 14 14 %24 $ 15 14 20 14 $ 21 14 19 24 %24 25 Total Cost of goods sold Ending inventory value
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