Beginning inventory, purchases, and sales data for tennis rackets are as follows: April 3 Inventory 20...

 

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Beginning inventory, purchases, and sales data for tennis rackets are as follows: April 3 Inventory 20 units @ $12 11 Purchase 14 units $18 14 Sale 25 units 21 Purchase 10 units $19 25 Sale 15 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. Date April 3 11 14 21 25 Qty. Purchases Unit Cost Total Cost Qty. Cost of Goods Sold Unit Cost Total Cost 888 83. Total Cost of goods sold Qty. Inventory Unit Cost Total Cost 338 Ending inventory value Beginning inventory, purchases, and sales data for tennis rackets are as follows: April 3 Inventory 20 units @ $12 11 Purchase 14 units $18 14 Sale 25 units 21 Purchase 10 units $19 25 Sale 15 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. Date April 3 11 14 21 25 Qty. Purchases Unit Cost Total Cost Qty. Cost of Goods Sold Unit Cost Total Cost 888 83. Total Cost of goods sold Qty. Inventory Unit Cost Total Cost 338 Ending inventory value

Answer rating: 100% (QA)

Statement of perpetual inventory system in FIFO Method Date Purchases Sales Balanc... View the full answer