Question

Beginning inventory, purchases, and sales data for tennis rackets are as follows April 3 Inventory 12 units $45 11 Purchase 13 units $47 14 Sale 18 units 21 Purchase units $60 25 Sale 10 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 Pro Cost of Purchases Inventory Goods Sold Date Qty. Total Cost Unit Cost Total Cost Q ty. Total Cost Unit Cost Oty Unit Cost 45 April 3 Previous

Answer 1

Solution 1:

FIFO Method
Date	Purchases Quantity	Purchases Unit Cost	Purchases Total Cost	Cost of Goods Sold Quantity	Cost of Goods Sold Unit Cost	Cost of Goods Sold Total Cost	Inventory Quantity	Inventory Unit Cost	Inventory Total Cost
3-Apr							12	$45.00	$540.00
11-Apr	13	$47.00	$611.00				12	$45.00	$540.00
							13	$47.00	$611.00
14-Apr				12	$45.00	$540.00	7	$47.00	$329.00
				6	$47.00	$282.00
21-Apr	9	$60.00	$540.00				7	$47.00	$329.00
							9	$60.00	$540.00
25-Apr				7	$47.00	$329.00	6	$60.00	$360.00
				3	$60.00	$180.00
30-Apr	Balances			28		$1,331.00	6		$360.00