3. Beginning inventory, purchases and sales data for tennis rackets are as follo
ID: 2374766 • Letter: 3
Question
3. Beginning inventory, purchases and sales data for tennis rackets are as follows:
Apr 3
Inventory
12 units
@
$45
11
Purchase
13 units
@
$47
14
Sale
18 units
21
Purchase
9 units
@
$60
25
Sale
10 units
Complete the inventory cost card assuming the business maintains a perpetual inventory system and calculates the cost of merchandise sold and ending inventory using FIFO.
Purchases
Cost of
Merchandise Sold
Inventory
Date
Qty
Unit Cost
Total Cost
Qty
Unit Cost
Total Cost
Qty
Unit Cost
Total Cost
Balances
Apr 3
Inventory
12 units
@
$45
11
Purchase
13 units
@
$47
14
Sale
18 units
21
Purchase
9 units
@
$60
25
Sale
10 units
Explanation / Answer
SOLUTION - http://tinypic.com/r/3006rnr/5
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