Beginning inventory, purchases, and sales data for tennis rackets are as follows: April 3 Inventory 21 units @ $14 11 Purchase 17 units @ $17 14 Sale 27 units 21 Purchase 12 units @ $15 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 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 11 14 21 25 Total Cost of goods sold Ending inventory value
Beginning inventory, purchases, and sales data for tennis rackets are as follows: April 3 Inventory 21 units @ $14 11 Purchase 17 units @ $17 14 Sale 27 units 21 Purchase 12 units @ $15 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 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 11 14 21 25 Total Cost of goods sold Ending inventory value
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:
April
3 Inventory
21 units @ $14
11
Purchase
17 units @ $17
14
Sale
27 units
21 Purchase
12 units @ $15
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 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
11
14
21
25
Total Cost of goods sold
Ending inventory value](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F8fa3c2f3-5601-420c-966e-14c1c788064c%2F1812fc14-86c4-4a49-935a-3a2a079e6ffa%2Fq12hs65_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Beginning inventory, purchases, and sales data for tennis rackets are as follows:
April
3 Inventory
21 units @ $14
11
Purchase
17 units @ $17
14
Sale
27 units
21 Purchase
12 units @ $15
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 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
11
14
21
25
Total Cost of goods sold
Ending inventory value
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