Question: Beginning inventory, purchases and sales data for widgets are as follows: April 3 Inventory 15 units $30 Purchase 11 12 units $27 14 Sale 18

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

Beginning inventory, purchases and sales data for widgets are as follows: April 3 Inventory 15 units $30 Purchase 11 12 units $27 14 Sale 18 units 7 units 21 Purchase $25 25 Sale 10 units Complete the inventory cost card assuming the business maintains a perpetual inventory system and calculstes the cost of goods sold and ending inventory using FIFO. Cost of Purchases Goods Sold Inventory Date Qty Unit Cost Total Cost Qty Unit Cost Total Cost Qty Unit Cost Total Cost April 3 30 $ 15 450 3 s 30 $ 11 12 27 324 90 14 # 21 25 Total Cost of goods Ending inventory value 1 sold

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Q:

\f