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3. Beginning inventory, purchases and sales data for tennis rackets are as follows: Apr 3 Inventory 12 units @ $45 11 Purchase 13 units @
3. 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 |
|
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| 21 | Purchase |
| 9 units | @ | $60 |
| 25 | Sale |
| 10 units |
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Complete the inventory cost card 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 |
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Balances |
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