Beginning inventory, purchases, and sales data for tennis rackets are as follows: April Inventory 12 units @ $45 11 Purchase 13 units @ $47 14 Sale 18 units 21 Purchase 9 units @ $60 25 Sale 10 units Complete the inventory cost card assuming the business maintains a perpetual inventory system and calculates the cost of merchandise sold and ending inventory using LIFO.

Beginning inventory, purchases, and sales data for tennis rackets are as follows: April Inventory 12 units @ $45 11 Purchase 13 units @ $47 14 Sale 18 units 21 Purchase 9 units @ $60 25 Sale 10 units Complete the inventory cost card assuming the business maintains a perpetual inventory system and calculates the cost of merchandise sold and ending inventory using LIFO.

Name: Beginning inventory, purchases, and sales data for tennis rackets are
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Description: Beginning inventory, purchases, and sales data for tennis rackets are as follows:April3Inventory12 units @ $4511Purchase13 units @ $4714Sale18 units21Purchase9 units @ $6025Sale10 unitsComplete the inventory cost card assuming the business maintains

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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Please complete the inventory reports and statements listed in the images. All information available and needed is provided in the images.
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Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for portable game players are as follows: Apr. 1 Inventory 47 units @ $69 10 Sale 35 units 15 Purchase 27 units @ $72 20 Sale 21 units 24 Sale 14 units 30 Purchase 20 units @ $75 The business maintains a perpetual inventory system, costing by the first-in, first-out method. a. Determine the cost of the merchandise sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 3. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Merchandise Sold Unit Cost column and in the Inventory Unit Cost column. Perpetual Inventory AccountFirst-in, First-out MethodPortable Game Players Date QuantityPurchased PurchasesUnitCost PurchasesTotalCost QuantityCost ofMerchandiseSold Cost ofMerchandiseSoldUnit Cost Cost ofMerchandiseSoldTotal Cost…
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