The Total Cost of May PURCHASES using the FIFO method is $_________

The Total Cost of May PURCHASES using the LIFO method is $_________

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HW 1: Texas Tennis Inc. carries an inventory of tennis rackets and related tennis products. The sales price of each racket is S140. Company records indicate the following activity for a particular line of rackets. Unit Cost $ 80 Item Balance Date Quantity May May 6 May 8 May 17 May 29 20 Sale on account $ 86 Purchase 15 Sale on account 15 Sale on account 3 Part 1 1 Prepare a perpetual inventory record for the rackets using the FIFO costing system. Then identify the cost of the ending inventory and cost of goods sold for the month Cost of Goods Sold Quantity Inventory Balance Quantity Purchases Date Quantity Unit Total Cost Unit Total Unit Total Cost Cost Cost Cost Cost RM $ 946 880 80 11 $86 4 86 344 Totals 15 27 8 (concept check: Beg. Bal Total Purchases - Cost of Goods Sold Ending Inventory) The cost of the ending inventory balance using the FIFO method is $ 1.5 The cost of goods sold for the month using the FIFO method is S 2. Journalize the transactions using the FIFO system. (assume the purchase and sales are made on 2. account) Record the sale of the tennis rackets on account on the 6th 9 units General Journal Account Name Debit 1,260 Credit sold x Accounts Receivable Sales Revenue $140 sales 1.260 price Record the cost of the rackets sold on the 6h General Journal Account Name Credit Debit 720 Merchandise Inventory 720 Record the purchase of the rackets on account on the 8th General Journal Account Name Debit Credit Record the sale of the rackets on account on the 17th General Journal Account Name Debit Credit Record the cost of the rackets sold on the 17 General Journal Account Name Debit 1,224 Credit 3. Merchandise Inventory 1224 Record the sale of the rackets on account on the 29h General Journal Account Name Debit Credit Record the cost of the rackets sold on the 29th General Journal Debit Account Name Credit Part 1 Check number: Total debits to Accounts Receivable $3,780 R.M. 1. Prepare a perpetual inventory record for the rackets using the LIFO costing system. Then identify the cost of the ending inventory and cost of goods sold for the month. (sales price is still S140 each) Purchases Cost of Goods Sold Quantity Inventory Balance Quantity Date Quantity Unit Total Unit Cost Total Unit Total Cost Cost Cost Cost Cost 15 86 1,290 11 $80 $880 Totals 15 27 8 (concept check: Beg. Bal Total Purchases - Cost of Goods Sold= Ending Inventory) The cost of the ending inventory balance using the LIFO method is S 4.- The cost of goods sold for the month using the LIFO method is $ 5. 2. Journalize the transactions using the LIFO system. (assume the purchase and sales are made on account) M. Record the sale of the tennis rackets on accou on the 6th General Journal Account Name Debit Credit 1.260 1.260 Record the cost of the rackets sold on the 6th General Journal Account Name Debit 720 Credit 720 Record the purchase of the rackets on account on the 8th General Journal Account Name Debit Credit