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Beginning inventory, purchases and sales data for hammers are as follows: Mar. 3 Inventory 12 units @ $15 11 Purchase 13 units @ $17 14

Beginning inventory, purchases and sales data for hammers are as follows:

Mar. 3 Inventory 12 units @ $15
11 Purchase 13 units @ $17
14 Sale 18 units
21 Purchase 9 units @ $20
25 Sale 10 units

Assuming the business maintains a perpetual inventory system, complete the inventory cards and calculate the cost of goods sold and ending inventory under the following assumptions:

(a) First-in, first-out

Purchases Cost of Goods Sold Inventory
Date Qty Unit Cost Total Cost Qty Unit Cost Total Cost Qty Unit Cost Total Cost
Mar. 3 $ $
11 $ $ $ $
$
14 $ $ $ $
$
21 $ $ $ $
$
25 $ $ $ $
$
Balances $ $

Cost of goods sold $
Ending Inventory $

(b) Last-in, first-out

Purchases Cost of Goods Sold Inventory
Date Qty Unit Cost Total Cost Qty Unit Cost Total Cost Qty Unit Cost Total Cost
Mar. 3 $ $
11 $ $ $ $
$
14 $ $ $ $
$
21 $ $ $ $
$
25 $ $ $ $
$
Balances $ $

Cost of goods sold $
Ending Inventory $

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