(1)Beginning inventory purchases and sales data for tennis rackets are as follow

(1)Beginning
inventory purchases and sales data for tennis rackets are as follows:Feb 3Inventory12 units@$15 11Purchase13 units@$17 14Sale18 units 21Purchase 9 units@$20 25Sale10 unitsAssuming the business maintains a perpetual inventory system
calculate the cost of merchandise sold and ending inventory under the following
assumptions:a. First-in first-outb. Last-in first-out(2) Putter Pilot Supplies is a golf and aviation supply
store. Putter Pilot uses perpetual inventory. Use a General Journal to
journalize the following four transactions during the month of March:(a)On March 4th Putter purchases inventory for sale from
Plane Stuff Wholesalers for $9750.00 with terms 1/10 n/30.(b)On March 5th Putter pays Airborne Transfer $65
for freight-in on the March 4th order.(c)On March 12th Putter buys an additional $12985
in inventory from Plane Stuff Wholesalers with terms 1/10 n/30.(d)On March 22nd Putter pays Plane Stuff
Wholesalers the balance due.
General JournalGJ Page 63Date:Account TitlePostRef:Debit:Credit:(3)
For each of the following calculate the cost of inventory reported on the
balance sheet.(a)The total merchandise on hand at the end of the year as
determined by taking a physical inventory is $55000. Of the $55000
$7000 is held on consignment.(b)The total merchandise inventory counted at the end of the
year was $65000. Purchases for $7000 are in transit under FOB
shipping point terms.(c)The total merchandise inventory counted at the end of the
year was $60000. Purchases for $5000 are in transit under FOB
destination terms.

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