Beginning inventory, purchases, and sales data for tennis rackets are as follows: April  3   Inventory 19 units @ $13   11   Purchase 16 units @ $16   14   Sale 26 units       21   Purchase 8 units @ $21   25   Sale 12 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                 fill in the blank 1 $fill in the blank 2 $fill in the blank 3        11 fill in the blank 4 $fill in the blank 5 $fill in the blank 6           fill in the blank 7 $fill in the blank 8 $fill in the blank 9                   fill in the blank 10 $fill in the blank 11   fill in the blank 12        14         fill in the blank 13 $fill in the blank 14 $fill in the blank 15   fill in the blank 16 $fill in the blank 17 $fill in the blank 18

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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Beginning inventory, purchases, and sales data for tennis rackets are as follows:

April  3   Inventory 19 units @ $13
  11   Purchase 16 units @ $16
  14   Sale 26 units    
  21   Purchase 8 units @ $21
  25   Sale 12 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                 fill in the blank 1 $fill in the blank 2 $fill in the blank 3
       11 fill in the blank 4 $fill in the blank 5 $fill in the blank 6           fill in the blank 7 $fill in the blank 8 $fill in the blank 9
                  fill in the blank 10 $fill in the blank 11   fill in the blank 12
       14         fill in the blank 13 $fill in the blank 14 $fill in the blank 15   fill in the blank 16 $fill in the blank 17 $fill in the blank 18
          fill in the blank 19 $fill in the blank 20   fill in the blank 21        
       21 fill in the blank 22 $fill in the blank 23 $fill in the blank 24           fill in the blank 25 $fill in the blank 26 $fill in the blank 27
                  fill in the blank 28 $fill in the blank 29   fill in the blank 30
       25         fill in the blank 31 $fill in the blank 32 $fill in the blank 33   fill in the blank 34 $fill in the blank 35 $fill in the blank 36
          fill in the blank 37 $fill in the blank 38   fill in the blank 39        
          Total Cost of goods sold $fill in the blank 40   Ending inventory value $fill in the blank 41
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