Question

Home CellyuyunN2OO alculator Beginning inventory, purchases, and sales data for tennis rackets are as follows: 18 April 3 Inventory unit @ $12 14 $19 11 Purchase units 22 14 Sale units 10 21 Purchase te units $18 25 Sale 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 Total Cost Cost April 3 1114 $ 19 $ 266 Qty. Unit Cost Total " Cost Qty. Unit Cost 18 $ $ $ $ $ $ Total Cost 216 216 266 12 12 19 12 14 14 $ 19 $ 266 2110 $ 18 $ 180 $ 180 s 12 s 10 $ 18 $ 12 Total Cost of goods sold Ending inventory value

Answer 1

Sales = COGS

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B27 A H I K L M O B C D E opening Rate value units 18122161 F G purchases Rate value J sales Rate N closing Rate 18 12 2 units units value units 216 14 19 266 18 4 12 19 216 266 216 10 191 190 10 18 180 190 180 4 216 446 590 COGS opening + purhcases -closing 590 22 Cisoing 72