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Beginning inventory, purchases, and sales data for tennis rackets are as follows: April 3 Inventory 21 units @ $14 11 Purchase 16 units @ $19
Beginning inventory, purchases, and sales data for tennis rackets are as follows:
April | 3 | Inventory | 21 units | @ | $14 | |
11 | Purchase | 16 units | @ | $19 | ||
14 | Sale | 21 units | ||||
21 | Purchase | 12 units | @ | $22 | ||
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.
Purchases | Cost of Goods Sold | Inventory | |||||||||
Date | Qty. | Unit Cost | Total Cost | Qty. | Unit Cost | Total Cost | Qty. | Unit Cost | Total Cost | ||
April 3 | fill in the blank 1 | $fill in the blank 2 | $fill in the blank 3 | ||||||||
11 | fill in the blank 4 | $fill in the blank 5 | $fill in the blank 6 | fill in the blank 7 | $fill in the blank 8 | $fill in the blank 9 | |||||
fill in the blank 10 | $fill in the blank 11 | fill in the blank 12 | |||||||||
14 | fill in the blank 13 | $fill in the blank 14 | $fill in the blank 15 | fill in the blank 16 | $fill in the blank 17 | $fill in the blank 18 | |||||
fill in the blank 19 | $fill in the blank 20 | fill in the blank 21 | |||||||||
21 | fill in the blank 22 | $fill in the blank 23 | $fill in the blank 24 | fill in the blank 25 | $fill in the blank 26 | $fill in the blank 27 | |||||
fill in the blank 28 | $fill in the blank 29 | fill in the blank 30 | |||||||||
25 | fill in the blank 31 | $fill in the blank 32 | $fill in the blank 33 | fill in the blank 34 | $fill in the blank 35 | $fill in the blank 36 | |||||
fill in the blank 37 | $fill in the blank 38 | fill in the blank 39 | |||||||||
Total Cost of goods sold | $fill in the blank 40 | Ending inventory value | $fill in the blank 41 |
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