Beginning inventory, purchases, and sales data for tennis rackets are as follows:April 3 Inventory21 units @ $1611 Purchase17 units @ $1514 Sale21 Purchase25 SaleComplete the inventory record assuming the business maintains a perpetual inventory system, and determine the cost of goods sold and ending inventory using FIFO.Cost ofGoods SoldUnit CostCost ofGoods SoldTotal CostDateApril 31114212528 units10 units @ $1813 unitsBalancesPurchasesQty1710PurchasesUnit Cost1518PurchasesTotal Cost255180Cost ofGoods SoldQty2813E15.75$441InventoryQty212110000InventoryUnit Cost$$1616000InventoryTotal Cost6600 000 L336336

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Description: Beginning inventory, purchases, and sales data for tennis rackets are as follows:April 3 Inventory21 units @ $1611 Purchase17 units @ $1514 Sale21 Purchase25 SaleComplete the inventory record assuming the business maintains a perpetual inventory sys

Lets understand the basics.Inventory and cost of goods sold can be calculated using,(1) FIFO(2)…

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Accounting

Beginning inventory, purchases, and sales data for tennis rackets are as follows: April 3 Inventory 11 Purchase 14 Sale. 21 Purchase 25 Sale 21 units @ $16 17 units @ $15 28 units 10 units @ $18 13 units. Complete the inventory record assuming the business maintains a perpetual inventory system, and determine the cost of goods sold and ending inventory using Cost of Goods Sold Unit Cost Date April 3 11 14 Purchases Qty 17 Purchases Unit Cost 15 Purchases Total Cost 255 Cost of Goods Sold Qty 28 m 15.75 Bil Cost of Goods Sold Total Cost 441 66000 110000 Inventory Qty Inventory Unit Cost

Beginning inventory, purchases, and sales data for tennis rackets are as follows: April 3 Inventory 11 Purchase 14 Sale. 21 Purchase 25 Sale 21 units @ $16 17 units @ $15 28 units 10 units @ $18 13 units. Complete the inventory record assuming the business maintains a perpetual inventory system, and determine the cost of goods sold and ending inventory using Cost of Goods Sold Unit Cost Date April 3 11 14 Purchases Qty 17 Purchases Unit Cost 15 Purchases Total Cost 255 Cost of Goods Sold Qty 28 m 15.75 Bil Cost of Goods Sold Total Cost 441 66000 110000 Inventory Qty Inventory Unit 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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