Beginning Inventory, Purchases, and Sales Data for Widgets Are as Follows

question 83

Essay

Beginning inventory, purchases, and sales data for widgets are as follows:? $$\begin{array} { | r | r | l | l | l | r | r | } \hline & \text { Apr. } 3 & \text { Inventory } & & 15 \text { units } & @ & \$ 30 \\\hline & 11 & \text { Purchase } & & 12 \text { units } & @ & \$ 27 \\\hline & 14 & \text { Sale } & & 18 \text { units } & & \\\hline &21 & \text { Purchase } & & 7 \text { units } & @ & \$ 25 \\\hline &25 & \text { Sale } & & 10 \text { units } & & \\\hline\end{array}$$ Complete the inventory cost card assuming the business maintains a perpetual inventory system and calculates the cost of merchandise sold and ending inventory using LIFO.

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Definitions:

Accounts Receivable

Money owed to a company by its customers for products or services already delivered but not yet paid for.

Credit Sale

involves selling goods or services to a customer with payment to be received at a later date.

Indirect Cost

Expenses that are not directly attributable to a specific product, service, or project, such as utilities or rent for office space.