1 1 Part 1 of 6 Units 10 points Required information The following information applies to the questions displayed below.) Pete's Tennis Shop has the following transactions related to its top-selling Wilson tennis racket for the month of August, Pete's Tennis Shop uses a periodic inventory system Date Transactions Unit Cost Total Cost August 1 Beginning inventory 8 $147 $ 1,176 August 4 Sale (5160 each) 5 August 11 Purchase 10 137 1,37e August 13 Sale $175 each) 8 August 20 Purchase 10 127 1,270 August 26 Sale $185 each) 11 August 29 Purchase 12 117 1.287 5,183 et References For the specific identification method, the Jugust 4 sale consists of rackets from beginning inventory, the August 13 sale consists of rackets from the August 11 purchase, and the August 26 sale consists of one racket from beginning inventory and 10 rackets from the August 20 purchase. Required: 1. Calculate ending inventory and cost of goods sold at August 31 using the specific identification method. Ending invertory Cost of goods sold Prev 1 2 3 6 of 8 Next > G O Required information [The following information applies to the questions displayed below) Pete's Tennis Shop has the following transactions related to its top-selling Wilson tennis racket for the month of August. Pete's Tennis Shop uses a periodic inventory system. Date Transactions Units Unit Cost Total Cost August 1 Beginning 8 inventory $147 $ 1,176 August 4 Sale ($160 each) 5 August 11 Purchase 10 137 1,370 August 13 Sale ($175 each) 8 August 20 Purchase 10 127 1,270 August 26 Sale ($185 each) 11 August 29 Purchase 11 117 1,287 5,103 For the specific identification method, the August 4 sale consists of rackets from beginning inventory, the August 13 sale consists of rockets from the August 11 purchase, and the August 26 sale consists of one racket from beginning inventory and 10 rackets from the August 20 purchase. 2. Using FIFO, calculate ending inventory and cost of goods sold at August 31. Ending inventory Cost of goods sold Ma ignment Saved Required information (The following information applies to the questions displayed below.) Pete's Tennis Shop has the following transactions related to its top-selling Wilson tennis racket for the month of August. Pete's Tennis Shop uses a periodic inventory system. Date Transactions Units Unit Cost Total Cost Beginning August 1 8 inventory $147 $ 1,176 August 4 Sale ($160 each) 5 August 11 Purchase 10 137 1,370 August 13 Sale ($175 each) 8 August 20 Purchase 10 127 1,270 August 26 Sale ($185 each) August 29 Purchase 11 117 1,287 $ 5,103 11 For the specific identification method, the August 4 sale consists of rackets from beginning inventory, the August 13 sale consists of rackets from the August 11 purchase, and the August 26 sale consists of one racket from beginning inventory and 10 rackets from the August 20 purchase. 3. Using LIFO, calculate ending inventory and cost of goods sold at August 31. Ending inventory Cost of goods sold Required information (The following information applies to the questions displayed below.) Pete's Tennis Shop has the following transactions related to its top-selling Wilson tennis racket for the month of August. Pete's Tennis Shop uses a periodic inventory system. Date Transactions Units Unit Cost Total Cost Beginning August 1 inventory 8 $147 $ 1,176 August 4 Sale ($160 each) 5 August 11 Purchase 10 137 1,370 August 13 Sale ($175 each) 8 August 20 Purchase 127 1,270 August 26 Sale (5185 each) 11 August 29 Purchase 11 117 1,287 5, 103 10 For the specific identification method, the August 4 sale consists of rackets from beginning inventory, the August 13 sale consists of rackets from the August 11 purchase, and the August 26 sale consists of one racket from beginning inventory and 10 rackets from the August 20 purchase. 5. Calculate sales revenue and gross profit under each of the four methods. (Round weighted average cost amounts to 2 decimal places.) Specific Identification FIFO LIFO Weighted average cost Sales revenue Gross profit 6 ! art 6 of 6 Required information [The following information applies to the questions displayed below.) Pete's Tennis Shop has the following transactions related to its top-selling Wilson tennis racket for the month of August Pete's Tennis Shop uses a periodic Inventory system. oints Unit Cost $147 Total Cost $ 1,176 Date August 1 August 4 August 11 August 13 August 20 August 26 August 29 Transactions Beginning inventory Sale ($160 each) Purchase Sale $175 each) Purchase Sale ($185 each) Purchase Book Units 8 5 10 8 10 11 11 137 1,370 127 1,270 References 127 1.287 5,103 $ For the specific identification method, the August 4 sale consists of rackets from beginning inventory, the August 13 sale consists of rackets from the August 11 purchase, and the August 26 sale consists of one racket from beginning inventory and 10 rackets from the August 20 purchase. 6. Comparing FIFO and LIFO, which one provides the more meaningful measure of ending inventory? Multiple Choice 13/ 6 1,370 August 11 Purchase August 13 Sale $175 each) August 20 Purchase August 26 Sale $185 each) August 29 Purchase 14 8 10 11 11 127 1,270 117 1,287 $ 5,103 Part 6 of 6 10 points For the specific identification method, the August 4 sale consists of rackets from beginning inventory, the August 13 sa consists of rackets from the August 11 purchase, and the August 26 sale consists of one racket from beginning inventor and 10 rackets from the August 20 purchase. BOOK 6. Comparing FIFO and LIFO, which one provides the more meaningful measure of ending Inventory? References Multiple Choice LIFO FIFO