Beginning inventory, purchases, and sales data for tennis rackets are as follows: April 3 Inventory 19 units @ $12 11 Purchase 16 units @ $17 14 Sale 23 units 21 Purchase 12 units @ $20 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 LIFO. Cost of Purchases Goods Sold Inventory Date Qty. Unit Cost Total Cost Qty. Unit Cost Total Cost Qty. Unit Cost Total Cost April 3 19 $ 12 228 11 16 17 272 19 24 12 228 16 $ 17 272 14 16 17 272 16 $ 17 272 12 84 21 12 20 240 25 Total Cost of goods sold $ Ending inventory value
Beginning inventory, purchases, and sales data for tennis rackets are as follows: April 3 Inventory 19 units @ $12 11 Purchase 16 units @ $17 14 Sale 23 units 21 Purchase 12 units @ $20 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 LIFO. Cost of Purchases Goods Sold Inventory Date Qty. Unit Cost Total Cost Qty. Unit Cost Total Cost Qty. Unit Cost Total Cost April 3 19 $ 12 228 11 16 17 272 19 24 12 228 16 $ 17 272 14 16 17 272 16 $ 17 272 12 84 21 12 20 240 25 Total Cost of goods sold $ Ending inventory value
Financial Accounting
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter7: Inventories
Section: Chapter Questions
Problem 3PEA: Beginning inventory, purchases, and sales for Item Zebra 9x are as follows: Assuming a perpetual...
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