**Inventory, Purchases, and Sales Data for Tennis Rackets**Beginning Inventory, Purchases, and Sales Data:- **April 3**: Inventory of 22 units priced at $16 each - **April 11**: Purchase of 17 units priced at $14 each - **April 14**: Sale of 26 units - **April 21**: Purchase of 10 units priced at $20 each - **April 25**: Sale of 19 units ### Instructions:Complete the inventory record assuming the business maintains a perpetual inventory system. Determine the cost of goods sold (COGS) and ending inventory using the First-In, First-Out (FIFO) method.### Table Explanation:The table comprises columns divided into three main sections for each date:1. **Purchases:** - Qty: Quantity of items purchased - Unit Cost: Cost per unit - Total Cost: Total cost for purchased items2. **Cost of Goods Sold (COGS):** - Qty: Quantity of items sold - Unit Cost: Cost per unit sold - Total Cost: Total cost of goods sold3. **Inventory:** - Qty: Quantity remaining in inventory - Unit Cost: Cost per unit in inventory - Total Cost: Total cost of remaining inventoryEach section has blank fields across several rows corresponding to specific dates (April 3, 11, 14, 21, 25) and a final row for balances, where calculations should be performed.### Note:To complete the table, you must apply the FIFO method, which involves selling the oldest inventory first.

Under the FIFO method, the oldest products in inventory are sold first.PurchasesCost of Merchandise SoldInventoryDateQty.Unit CostTotal CostQty.Unit CostTotal CostQty.Unit CostTotal Cost April 322$16$352 April 1117$14$23822$16$35217$14$238 April 1422$16$35213$14$1824$14$56 April 2110$20$20013$14$18210$20$200 April 2513$14$1824$20$806$20$120Balances$710$80Cost of merchandise sold $710Ending inventory$80

Business

Accounting

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. Date April 3 11 14 21 25 Balances Purchases Qty 00 Purchases Unit Cost 00 Purchases Total Cost 0 Cost of Goods Sold Qty Cost of Goods Sold Unit Cost Cost of Goods Sold Total Cost 88 883 E Inventory Qty 110000 000 000 Inventory Inventory Total Cost

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. Date April 3 11 14 21 25 Balances Purchases Qty 00 Purchases Unit Cost 00 Purchases Total Cost 0 Cost of Goods Sold Qty Cost of Goods Sold Unit Cost Cost of Goods Sold Total Cost 88 883 E Inventory Qty 110000 000 000 Inventory Inventory Total Cost

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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