Beginning inventory, purchases, and sales data for tennis rackets are as follows: April 3 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 determine the cost of goods sold and ending inventory using FIFO. Purchases Cost of 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 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 determine the cost of goods sold and ending inventory using FIFO. Purchases Cost of 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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Beginning inventory, purchases, and sales data for tennis rackets are as follows:
| April | 3 | 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 determine the cost of goods sold and ending inventory using FIFO.
| Purchases | Cost of 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 | $ |
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