accounting
Moniquebeebe
homeworkacccounting..docxBeginning inventory, purchases, and sales for an inventory item are as follows:
|
Sep. 1 |
Beginning Inventory |
23 |
units |
@ |
$11 |
|
5 |
Sale |
12 |
units |
|
|
|
17 |
Purchase |
23 |
units |
@ |
$12 |
|
30 |
Sale |
15 |
units |
|
|
Assuming a perpetual inventory system and the last-in, first-out method:
a. Determine the cost of the goods sold for the September 30 sale.
b. Determine the inventory on September 30.
1. Beginning inventory, purchases, and sales data for tennis rackets are as follows:
|
April |
3 |
|
Inventory |
19 units |
@ |
$15 |
|
|
11 |
|
Purchase |
17 units |
@ |
$19 |
|
|
14 |
|
Sale |
26 units |
|
|
|
|
21 |
|
Purchase |
9 units |
@ |
$17 |
|
|
25 |
|
Sale |
13 units |
|
|
2. 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 |
|
|
|
|
|
|
|
|
fill in the blank 1 |
$fill in the blank 2 |
$fill in the blank 3 |
|
11 |
fill in the blank 4 |
$fill in the blank 5 |
$fill in the blank 6 |
|
|
|
|
|
fill in the blank 7 |
$fill in the blank 8 |
$fill in the blank 9 |
|
|
|
|
|
|
|
|
|
|
fill in the blank 10 |
$fill in the blank 11 |
fill in the blank 12 |
|
14 |
|
|
|
|
fill in the blank 13 |
$fill in the blank 14 |
$fill in the blank 15 |
|
fill in the blank 16 |
$fill in the blank 17 |
$fill in the blank 18 |
|
|
|
|
|
|
fill in the blank 19 |
$fill in the blank 20 |
fill in the blank 21 |
|
|
|
|
|
21 |
fill in the blank 22 |
$fill in the blank 23 |
$fill in the blank 24 |
|
|
|
|
|
fill in the blank 25 |
$fill in the blank 26 |
$fill in the blank 27 |
|
|
|
|
|
|
|
|
|
|
fill in the blank 28 |
$fill in the blank 29 |
fill in the blank 30 |
|
25 |
|
|
|
|
fill in the blank 31 |
$fill in the blank 32 |
$fill in the blank 33 |
|
fill in the blank 34 |
$fill in the blank 35 |
$fill in the blank 36 |
|
|
|
|
|
|
fill in the blank 37 |
$fill in the blank 38 |
fill in the blank 39 |
|
|
|
|
|
|
|
|
|
|
Total Cost of goods sold |
$fill in the blank 40 |
|
Ending inventory value |
$fill in the blank 41 |
Beginning inventory, purchases, and sales data for tennis rackets are as follows:
|
April |
3 |
|
Inventory |
21 units |
@ |
$14 |
|
|
11 |
|
Purchase |
17 units |
@ |
$16 |
|
|
14 |
|
Sale |
23 units |
|
|
|
|
21 |
|
Purchase |
14 units |
@ |
$16 |
|
|
25 |
|
Sale |
19 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 LIFO.
|
|
Purchases |
|
Cost of Goods Sold |
|
Inventory |
||||||
|
Date |
Qty. |
Unit Cost |
Total Cost |
|
Qty. |
Unit Cost |
Total Cost |
|
Qty. |
Unit Cost |
Total Cost |
|
April 3 |
|
|
|
|
|
|
|
|
fill in the blank 1 |
$fill in the blank 2 |
$fill in the blank 3 |
|
11 |
fill in the blank 4 |
$fill in the blank 5 |
$fill in the blank 6 |
|
|
|
|
|
fill in the blank 7 |
$fill in the blank 8 |
$fill in the blank 9 |
|
|
|
|
|
|
|
|
|
|
fill in the blank 10 |
$fill in the blank 11 |
fill in the blank 12 |
|
14 |
|
|
|
|
fill in the blank 13 |
$fill in the blank 14 |
$fill in the blank 15 |
|
fill in the blank 16 |
$fill in the blank 17 |
$fill in the blank 18 |
|
|
|
|
|
|
fill in the blank 19 |
$fill in the blank 20 |
fill in the blank 21 |
|
|
|
|
|
21 |
fill in the blank 22 |
$fill in the blank 23 |
$fill in the blank 24 |
|
|
|
|
|
fill in the blank 25 |
$fill in the blank 26 |
$fill in the blank 27 |
|
|
|
|
|
|
|
|
|
|
fill in the blank 28 |
$fill in the blank 29 |
fill in the blank 30 |
|
25 |
|
|
|
|
fill in the blank 31 |
$fill in the blank 32 |
$fill in the blank 33 |
|
fill in the blank 34 |
$fill in the blank 35 |
$fill in the blank 36 |
|
|
|
|
|
|
fill in the blank 37 |
$fill in the blank 38 |
fill in the blank 39 |
|
|
|
|
|
|
|
|
|
|
Total Cost of goods sold |
$fill in the blank 40 |
|
Ending inventory value |
$fill in the blank 41 |
