Beginning inventory, purchases, and sales data for tennis rackets are as follows: 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 calculates the cost of merchandise sold and ending inventory using LIFO. Purchases Cost of Merchandise Sold Inventory Date Qty Unit Cost Total Cost Qty Unit Cost Total Cost Qty Unit Cost Total Cost Apr. 3 fill in the blank 1 $fill in the blank 2 $fill in the blank 3 11 fill in the blank 4 $fill in the blank 5 $fill in the blank 6 fill in the blank 7 $fill in the blank 8 $fill in the blank 9 fill in the blank 10 $fill in the blank 11 $fill in the blank 12 14 fill in the blank 13 $fill in the blank 14 $fill in the blank 15 fill in the blank 16 $fill in the blank 17 $fill in the blank 18 fill in the blank 19 $fill in the blank 20 $fill in the blank 21 21 fill in the blank 22 $fill in the blank 23 $fill in the blank 24 fill in the blank 25 $fill in the blank 26 $fill in the blank 27 fill in the blank 28 $fill in the blank 29 $fill in the blank 30 25 fill in the blank 31 $fill in the blank 32 $fill in the blank 33 fill in the blank 34 $fill in the blank 35 $fill in the blank 36 fill in the blank 37 $fill in the blank 38 $fill in the blank 39 Total Cost of merchandise sold $fill in the blank 40 Ending inventory value $fill in the blank 41
Beginning inventory, purchases, and sales data for tennis rackets are as follows: 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 calculates the cost of merchandise sold and ending inventory using LIFO. Purchases Cost of Merchandise Sold Inventory Date Qty Unit Cost Total Cost Qty Unit Cost Total Cost Qty Unit Cost Total Cost Apr. 3 fill in the blank 1 $fill in the blank 2 $fill in the blank 3 11 fill in the blank 4 $fill in the blank 5 $fill in the blank 6 fill in the blank 7 $fill in the blank 8 $fill in the blank 9 fill in the blank 10 $fill in the blank 11 $fill in the blank 12 14 fill in the blank 13 $fill in the blank 14 $fill in the blank 15 fill in the blank 16 $fill in the blank 17 $fill in the blank 18 fill in the blank 19 $fill in the blank 20 $fill in the blank 21 21 fill in the blank 22 $fill in the blank 23 $fill in the blank 24 fill in the blank 25 $fill in the blank 26 $fill in the blank 27 fill in the blank 28 $fill in the blank 29 $fill in the blank 30 25 fill in the blank 31 $fill in the blank 32 $fill in the blank 33 fill in the blank 34 $fill in the blank 35 $fill in the blank 36 fill in the blank 37 $fill in the blank 38 $fill in the blank 39 Total Cost of merchandise sold $fill in the blank 40 Ending inventory value $fill in the blank 41
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 3E: Beginning inventory, purchases, and sales data for portable game players are as follows: The...
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Beginning inventory, purchases, and sales data for tennis rackets are as follows:
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 calculates the cost of merchandise sold and ending inventory using LIFO.
Purchases |
Cost of Merchandise Sold |
Inventory |
|||||||||
Date | Qty | Unit Cost | Total Cost | Qty | Unit Cost | Total Cost | Qty | Unit Cost | Total Cost | ||
Apr. 3 | fill in the blank 1 | $fill in the blank 2 | $fill in the blank 3 | ||||||||
11 | fill in the blank 4 | $fill in the blank 5 | $fill in the blank 6 | fill in the blank 7 | $fill in the blank 8 | $fill in the blank 9 | |||||
fill in the blank 10 | $fill in the blank 11 | $fill in the blank 12 | |||||||||
14 | fill in the blank 13 | $fill in the blank 14 | $fill in the blank 15 | fill in the blank 16 | $fill in the blank 17 | $fill in the blank 18 | |||||
fill in the blank 19 | $fill in the blank 20 | $fill in the blank 21 | |||||||||
21 | fill in the blank 22 | $fill in the blank 23 | $fill in the blank 24 | fill in the blank 25 | $fill in the blank 26 | $fill in the blank 27 | |||||
fill in the blank 28 | $fill in the blank 29 | $fill in the blank 30 | |||||||||
25 | fill in the blank 31 | $fill in the blank 32 | $fill in the blank 33 | fill in the blank 34 | $fill in the blank 35 | $fill in the blank 36 | |||||
fill in the blank 37 | $fill in the blank 38 | $fill in the blank 39 | |||||||||
Total Cost of merchandise sold | $fill in the blank 40 | Ending inventory value | $fill in the blank 41 |
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