Beginning inventory, purchases, and sales data for tennis rackets are as follows: Complete the inventory cost card assuming the business maintains a perpetual inventory system and determine the cost of goods sold and ending inventory using FIFO.​

Perpetual Inventory System

An inventory management system that updates inventory records for each purchase and sale transaction in real-time.

FIFO

An inventory valuation method that assumes the first items placed in inventory are the first sold, hence "First In, First Out."

Ending Inventory

The value or quantity of goods and materials available at the end of an accounting period.