Prepare a perpetual inventory record for the cricket bats

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Reference no: EM133186723

Question - Cricket Central carries an inventory of Cricket Balls and Cricket Bats. Cricket Central uses the FIFO method and a perpetual inventory system. The sales price of each Cricket Bat is $145. Business records indicate the following for a particular line of Cricket Central's Cricket Bats:

Date


1/7/19

Cricket Central had 22 Cricket Bats on hand costing $85 each 

8/7/19

Sold 9 Cricket Bats to the local cricket team.

11/7/19

Purchased 25 new Cricket Bats for $95 each.

20/7/19

Sold a further 20 Cricket Bats to a retailer.

29/7/19

Sold 8 more Cricket Bats to The Australian Cricket Team.

Required - Prepare a perpetual inventory record for the Cricket Bats. Then determine the amounts Cricket Central should report for ending inventory and cost of sales using the FIFO method.

Reference no: EM133186723

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