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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.
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