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1. Beginning inventory, purchases, and sales data for tennis rackets are as follows: April 3 Inventory 19 units @ $18 11 Purchase 15 units @
1. Beginning inventory, purchases, and sales data for tennis rackets are as follows:
April | 3 | Inventory | 19 units | @ | $18 | |
11 | Purchase | 15 units | @ | $14 | ||
14 | Sale | 25 units | ||||
21 | Purchase | 10 units | @ | $15 | ||
25 | Sale | 11 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 FIFO.
Purchases | Cost of Goods Sold | Inventory | |||||||||
Date | Qty. | Unit Cost | Total Cost | Qty. | Unit Cost | Total Cost | Qty. | Unit Cost | Total Cost | ||
April 3 | $ | $ | |||||||||
11 | $ | $ | $ | $ | |||||||
$ | |||||||||||
14 | $ | $ | $ | $ | |||||||
$ | |||||||||||
21 | $ | $ | $ | $ | |||||||
$ | |||||||||||
25 | $ | $ | $ | $ | |||||||
$ | |||||||||||
Total Cost of goods sold | $ | Ending inventory value | $ |
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