Question
Beginning inventory, purchases, and sales data for tennis rackets are as follows: April 3 Inventory 11 units @ $16.00 11 Purchase 10 units @ $17.00
Beginning inventory, purchases, and sales data for tennis rackets are as follows:
| April 3 | Inventory | 11 units @ | $16.00 |
| 11 | Purchase | 10 units @ | $17.00 |
| 14 | Sale | 12 units | |
| 21 | Purchase | 17 units @ | $25.00 |
| 25 | Sale | 11 units |
Assuming the business maintains a perpetual inventory system and calculates the cost of goods sold and ending inventory using LIFO.
Select the correct answer.
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Financial Accounting An Introduction
Authors: Mr Barry Elliott, Mr Augustine Benedict
2nd Edition
0273737651, 9780273737650
