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Beginning Inventory, purchases, and sales data for tennis rackets are as follows: April 3 Inventory 11 Purchase 19 units @ $15 12 units @ $15 14 Sale 24 units 21 Purchase 25 Sale 11 units @ $15 11 units Complete the inventory record assuming the business maintains a perpetual inventory system, and determine the cost of goods sold and ending inventory using FIFO. Purchases Purchases Date Qty Unit Cost Purchases Total Cost Cost of Goods Sold Qty Cost of Goods Sold Unit Cost Cost of Goods Sold Total Cost Inventory Inventory Inventory Qty Unit Cost Total Cost April 3 11 14 21 25 Balances ☐ 88 ☐☐☐ ☐☐☐

Beginning Inventory, purchases, and sales data for tennis rackets are as follows: April 3 Inventory 11 Purchase 19 units @ $15 12 units @ $15 14 Sale 24 units 21 Purchase 25 Sale 11 units @ $15 11 units Complete the inventory record assuming the business maintains a perpetual inventory system, and determine the cost of goods sold and ending inventory using FIFO. Purchases Purchases Date Qty Unit Cost Purchases Total Cost Cost of Goods Sold Qty Cost of Goods Sold Unit Cost Cost of Goods Sold Total Cost Inventory Inventory Inventory Qty Unit Cost Total Cost April 3 11 14 21 25 Balances ☐ 88 ☐☐☐ ☐☐☐

Financial Accounting
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter7: Inventories
Section: Chapter Questions
Problem 3E: Beginning inventory, purchases, and sales data for portable game players are as follows: The...
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Beginning inventory, purchases, and sales data for tennis rackets are as follows: Date Line Item Description Units and Cost April 3 Inventory 19 units @ $15 11 Purchase 12 units @ $15 14 Sale 24 units 21 Purchase 11 units @ $15 25 Sale 11 units Complete the inventory record assuming the business maintains a perpetual inventory system, and determine the cost of goods sold and ending inventory using FIFO.
 
Beginning Inventory, purchases, and sales data for tennis rackets are as follows: April 3 Inventory 11 Purchase 19 units @ $15 12 units @ $15 14 Sale 24 units 21 Purchase 25 Sale 11 units @ $15 11 units Complete the inventory record assuming the business maintains a perpetual inventory system, and determine the cost of goods sold and ending inventory using FIFO. Purchases Purchases Date Qty Unit Cost Purchases Total Cost Cost of Goods Sold Qty Cost of Goods Sold Unit Cost Cost of Goods Sold Total Cost Inventory Inventory Inventory Qty Unit Cost Total Cost April 3 11 14 21 25 Balances ☐ 88 ☐☐☐ ☐☐☐
Transcribed Image Text:Beginning Inventory, purchases, and sales data for tennis rackets are as follows: April 3 Inventory 11 Purchase 19 units @ $15 12 units @ $15 14 Sale 24 units 21 Purchase 25 Sale 11 units @ $15 11 units Complete the inventory record assuming the business maintains a perpetual inventory system, and determine the cost of goods sold and ending inventory using FIFO. Purchases Purchases Date Qty Unit Cost Purchases Total Cost Cost of Goods Sold Qty Cost of Goods Sold Unit Cost Cost of Goods Sold Total Cost Inventory Inventory Inventory Qty Unit Cost Total Cost April 3 11 14 21 25 Balances ☐ 88 ☐☐☐ ☐☐☐
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