Beginning inventory, purchases, and sales data for tennis rackets are as follows: April 3 Inventory 22 units @ $12 11 Purchase 16 units @ $14 14 Sale 23 units 21 Purchase 10 units @ $21 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 LIFO. Cost of Purchases Goods Sold Inventory 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 22 units @ $12 11 Purchase 16 units @ $14 14 Sale 23 units 21 Purchase 10 units @ $21 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 LIFO. Cost of Purchases Goods Sold Inventory 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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 alt="Beginning inventory, purchases, and sales data for tennis rackets are as follows:
April 3 Inventory 22 units @ $12
11 Purchase
16 units @ $14
14 Sale
23 units
21 Purchase
10 units @ $21
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 LIFO.
Cost of
Purchases
Goods Sold
Inventory
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
SAMSUNG
SC
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女
%23
$
&.
2
3
5
6
8
e
t
y
a
S
C
V
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Transcribed Image Text:Beginning inventory, purchases, and sales data for tennis rackets are as follows:
April 3 Inventory 22 units @ $12
11 Purchase
16 units @ $14
14 Sale
23 units
21 Purchase
10 units @ $21
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 LIFO.
Cost of
Purchases
Goods Sold
Inventory
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
SAMSUNG
SC
DII
女
%23
$
&.
2
3
5
6
8
e
t
y
a
S
C
V
alt
alt
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