Question

# 1. Beginning inventory, purchases and sales data for tennis rackets are as follows: Apr 3 Inventory...

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

 Apr 3 Inventory 12 units @ \$25 11 Purchase 13 units @ \$27 14 Sale 18 units 21 Purchase 9 units @ \$30 25 Sale 10 units

Assuming the business maintains a perpetual inventory system, calculate the cost of merchandise sold and ending inventory under Last-in, first-out:

Group of answer choices

cost of merchandise sold \$771; ending inventory \$150

cost of merchandise sold \$120; ending inventory \$621

cost of merchandise sold \$621; ending inventory \$145

cost of merchandise sold \$150; ending inventory \$771

2.

Use the following information to answer the following questions.

The Boxwood Company sells blankets for \$60 each. The following was taken from the inventory records during May.

 Date Product Z Units Cost May 3 Purchase 5 \$30 May 10 Sale 3 May 17 Purchase 10 \$34 May 20 Sale 6 May 23 Sale 3 May 30 Purchase 10 \$40

Assuming that the company uses the perpetual inventory system, determine the cost of merchandise sold for the sale of May 20 using the average inventory cost method.

Group of answer choices

\$250

\$160

\$200

\$204

1)

2)

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