Question

Beginning inventory, purchases, and sales data for tennis rackets are as follows: April 3 Inventory 20 units @ $12 11 Purchase 15 units @ $19 14 Sale 26 units 21 Purchase 12 units @ $21 25 Sale 13 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. Cost of Goods Sold Inventory Purchases Date Qty. Unit Cost Total Cost Qty. Unit Cost Total Cost Qty. Unit Cost Total Cost April 3 Total Cost of goods sold $ Ending inventory value

Answer 1

	Purchases			Cost of Goods Sold			Inventory
Date	Qty.	Unit Cost	Total Cost	Qty.	Unit Cost	Total Cost	Qty.	Unit Cost	Total Cost
April 3							20	12	240
11	15	19	285				20	12	240
							15	19	285
14				20	12	240
				6	19	114	9	19	171
21	12	21	252				9	19	171
							12	21	252
25				9	19	171
				4	21	84	8	21	168
					Total Cost of Goods Sold	$609		Ending Inventory Value	$168

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