Calculator Beginning inventory, purchases and sales data for widgets are as follows: April 3 Inventory 15 units @ $30 11 Purchase 12 units @ $27 14 Sale 18 units 21 Purchase 7 units @ $25 25 Sale 10 units Complete the inventory cost card assuming the business maintains a perpetual inventory system and calculates the cost of goods sold and ending inventory using FIFO. Purchases Cost ofGoods 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 $
Calculator Beginning inventory, purchases and sales data for widgets are as follows: April 3 Inventory 15 units @ $30 11 Purchase 12 units @ $27 14 Sale 18 units 21 Purchase 7 units @ $25 25 Sale 10 units Complete the inventory cost card assuming the business maintains a perpetual inventory system and calculates the cost of goods sold and ending inventory using FIFO. Purchases Cost ofGoods 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
Related questions
Topic Video
Question
Calculator
Beginning inventory, purchases and sales data for widgets are as follows:
| April 3 | Inventory | 15 units @ | $30 | ||
| 11 | Purchase | 12 units @ | $27 | ||
| 14 | Sale | 18 units | |||
| 21 | Purchase | 7 units @ | $25 | ||
| 25 | Sale | 10 units |
Complete the inventory cost card assuming the business maintains a perpetual inventory system and calculates 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 | $ |
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education