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Beginning inventory, purchases, and sales data for tennis rackets are as follows: April 3 Inventory 22 units 22 units @ $17 11 Purchase 17 units
Beginning inventory, purchases, and sales data for tennis rackets are as follows: April 3 Inventory 22 units 22 units @ $17 11 Purchase 17 units @ $14 14 Sale 23 units 21 Purchase 13 units @ $18 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. Cost of Goods Sold Purchases Inventory Date Qty. Unit Cost Total Cost Qty. Unit Cost Total Cost Qty. Unit Cost Total Cost April 3 22 $ 17 $ 374 11 17 $ 14 $ 238 22 $ $ 17 $ 374 17 $ 14 238 14 17 $ 14 $ 238 16 $ 17 272 6 $ 17 102 21 13 $ 18 $ 234 16 $ 17 $ 272 13 $ 18 234 25 13 $ 18 $ 234 17 2. $ 17 34 Total Cost of goods sold $ 608 Ending inventory value $
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