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

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

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Description: Beginning inventory, purchases, and sales data for tennis rackets are as follows:April 3 Inventory20 units @ $1411 Purchase14 units @ $1514 Sale26 units21 Purchase14 units @ $1925 Sale14 unitsComplete the inventory cost card assuming the business ma

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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