Beginning inventory, purchases, and sales data for tennis rackets are as follows: April 3 Inventory 21 units @ $14 11 Purchase 13 units @ $17 14 Sale 27 units 21 Purchase 8 units @ $21 25 Sale 11 units Complete the inventory cost card assuming the business maintains a perpetual inventory system and determine the cost of goods sold and ending inventory using FIFO Cost of Inventory Purchases Goods Sold Date Qty. Unit Cost Total Cost Qty. Unit Cost Total Cost Qty. Unit Cost Total Cost April 3 21 14 2$ 294 11 13 17 221 21 $ 14 $ 294 13 17 221 14 21 24 14 294 6 $4 17 102 21 21 168 25 21 168 3 %$4 21 63 Total Cost of goods sold 627 Ending inventory value

Beginning inventory, purchases, and sales data for tennis rackets are as follows: April 3 Inventory 21 units @ $14 11 Purchase 13 units @ $17 14 Sale 27 units 21 Purchase 8 units @ $21 25 Sale 11 units Complete the inventory cost card assuming the business maintains a perpetual inventory system and determine the cost of goods sold and ending inventory using FIFO Cost of Inventory Purchases Goods Sold Date Qty. Unit Cost Total Cost Qty. Unit Cost Total Cost Qty. Unit Cost Total Cost April 3 21 14 2$ 294 11 13 17 221 21 $ 14 $ 294 13 17 221 14 21 24 14 294 6 $4 17 102 21 21 168 25 21 168 3 %$4 21 63 Total Cost of goods sold 627 Ending inventory value

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Description: Beginning inventory, purchases, and sales data for tennis rackets are as follows:April3 Inventory21 units @ $1411Purchase13 units @ $1714Sale27 units21Purchase8 units @ $2125Sale11 unitsComplete the inventory cost card assuming the business maintain

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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