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Apr. 3   Inventory   12 units @ $45   11   Purchase   13 units @ $47   14   Sale   18 units     21   Purchase     9 units @ $60   25   Sale   10 units     Complete the subsidiary inventory ledger assuming the business maintains a perpetual inventory system and calculate the cost of merchandise sold and ending inventory using FIFO.   Purchases   Cost of Merchandise Sold   Inventory Date Qty Unit Cost Total Cost   Qty Unit Cost Total Cost   Qty Unit Cost Total Cost Apr. 3                   $ $        11   $ $             $ $                     $ $        14           $ $     $ $             $ $                21   $ $             $ $                     $ $        25           $ $     $ $             $ $                   Total cost of Merchandise sold $   Ending inventory value $

Apr. 3   Inventory   12 units @ $45   11   Purchase   13 units @ $47   14   Sale   18 units     21   Purchase     9 units @ $60   25   Sale   10 units     Complete the subsidiary inventory ledger assuming the business maintains a perpetual inventory system and calculate the cost of merchandise sold and ending inventory using FIFO.   Purchases   Cost of Merchandise Sold   Inventory Date Qty Unit Cost Total Cost   Qty Unit Cost Total Cost   Qty Unit Cost Total Cost Apr. 3                   $ $        11   $ $             $ $                     $ $        14           $ $     $ $             $ $                21   $ $             $ $                     $ $        25           $ $     $ $             $ $                   Total cost of Merchandise sold $   Ending inventory value $

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 32CE: ( Appendix 6B) Inventory Costing Methods: Periodic Average Cost Refer to the information for...
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  1. Apr. 3   Inventory   12 units @ $45
      11   Purchase   13 units @ $47
      14   Sale   18 units  
      21   Purchase     9 units @ $60
      25   Sale   10 units  

     

    Complete the subsidiary inventory ledger assuming the business maintains a perpetual inventory system and calculate the cost of merchandise sold and ending inventory using FIFO.

      Purchases   Cost of
    Merchandise Sold    		   Inventory
    Date Qty Unit Cost Total Cost   Qty Unit Cost Total Cost   Qty Unit Cost Total Cost
    Apr. 3                   $ $
           11   $ $             $ $
                        $ $
           14           $ $     $ $
                $ $        
           21   $ $             $ $
                        $ $
           25           $ $     $ $
                $ $        
              Total cost of Merchandise sold $   Ending inventory value $
  2.  
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