Question

1. Beginning inventory, purchases, and sales data for tennis rackets are as follows:

April	3		Inventory	19 units	@	$18
	11		Purchase	15 units	@	$14
	14		Sale	25 units
	21		Purchase	10 units	@	$15
	25		Sale	11 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 FIFO.

	Purchases				Cost of Goods Sold				Inventory
Date	Qty.	Unit Cost	Total Cost		Qty.	Unit Cost	Total Cost		Qty.	Unit Cost	Total Cost
April 3										$	$
11		$	$							$	$
										$
14						$	$			$	$
						$
21		$	$							$	$
										$
25						$	$			$	$
						$
					Total Cost of goods sold		$		Ending inventory value		$

Answer 1

Complete the inventory cost card assuming the business maintains a perpetual inventory system and determine the cost of goods sold and ending inventory using FIFO.

	Purchases				Cost of Goods Sold				Inventory
Date	Qty.	Unit Cost	Total Cost		Qty.	Unit Cost	Total Cost		Qty.	Unit Cost	Total Cost
April 3									19	$18	$342
11	15	$14	$210						19	$18	$342
									15	$14	210
14					19	$18	$342		9	14	126
					6	$14	84
21	10	$15	$150						9	$14	$126
									10	$15	150
25					9	$14	$126		8	$15	$120
					2	$15	30
					Total Cost of goods sold		$582		Ending inventory value		$120