Beginning inventory, purchases, and sales data for tennis rackets are as follows: April 3 Inventory 22 units @ $16 11 Purchase 17 units @ $14 14 Sale 26 units 21 Purchase 10 units @ $20 25 Sale 19 units Complete the inventory record 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 Balances Purchases Qty 00 Purchases Unit Cost 00 Purchases Total Cost 0 Cost of Goods Sold Qty Cost of Goods Sold Unit Cost Cost of Goods Sold Total Cost 88 883 E Inventory Qty 110000 000 000 Inventory Inventory Total Cost

Beginning inventory, purchases, and sales data for tennis rackets are as follows: April 3 Inventory 22 units @ $16 11 Purchase 17 units @ $14 14 Sale 26 units 21 Purchase 10 units @ $20 25 Sale 19 units Complete the inventory record 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 Balances Purchases Qty 00 Purchases Unit Cost 00 Purchases Total Cost 0 Cost of Goods Sold Qty Cost of Goods Sold Unit Cost Cost of Goods Sold Total Cost 88 883 E Inventory Qty 110000 000 000 Inventory Inventory Total Cost

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter7: Inventories

Section: Chapter Questions

Problem 3PEA: Beginning inventory, purchases, and sales for Item Gidget are as follows: Assuming a perpetual...

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Beginning inventory, purchases, and sales for Item Widget are as follows: Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on March 25 and (b) the inventory on March 31.
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