1 5 points eBook Print References Problem 6-2B (Algo) Calculate ending inventory, cost of goods sold, sales revenue, and gross profit for four inventory methods (LO6-3, 6-4, 6-5) Bobby's Tennis Shop has the following transactions related to its top-selling Wilson tennis racket for the month of August. Bobby's Tennis Shop uses a periodic inventory system. Date August 1 August 4 August 11 August 13 August 20 August 26 August 29 Transactions Beginning inventory Sale ($210 each) Purchase Sale ($225 each) Purchase Sale ($235 each) Purchase Units 8 5 10 8 10 11 11 Unit Cost $157 147 137 127 Total Cost $1,256 1,470 1,370 1,397 $5,493 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. Required: 1. Calculate ending inventory and cost of goods sold at August 31, using the specific identification method. 2. Using FIFO, calculate ending inventory and cost of goods sold at August 31. 3. Using LIFO, calculate ending inventory and cost of goods sold at August 31. 4. Using weighted-average cost, calculate ending inventory and cost of goods sold at August 31. 5. Calculate sales revenue and gross profit under each of the four methods. 6. Comparing FIFO and LIFO, which one provides the more meaningful measure of ending inventory? 7. If Bobby's chooses to report inventory using LIFO, record the LIFO adjustment.

Problem 6-2B (Algo) Calculate ending inventory, cost of goods sold, sales revenue, and gross profit for four inventory methods (LO6-3, 6-4, 6-5) Bobby's Tennis Shop has the following transoctions related to its top-seling Wison tennis racket for the month of August. Bobby's Tennis Shop uses a periodic inventory system. For the specific identication method, the August 4 sole consists of rockets from beginning inventory, the August 13 sale consists of fackets from the August 11 purchase, and the Aupust 26 sale consists of one racket from beginning inventory and to rackets from the August 20 putchnse Required: 1. Calculote ending inventory and cost of goods sold at August 31, wsing the speofic identication method: 2. Using FIFO, calculote ending inventory and cost of goods sold at August 31 3. Using LiF O, calculote ending inventory and cost of goods sold at Aupust 31 4. Using weighted-average cost, calculate ending inventory and cost of goods sold at August 31. 5. Calculate sales rovenue and gross profit under eoch of the four methods 6. Comparing AFO and LIFO, which one provides the more meaningful measure of ending inventory? 7. If Bobbys chooses to report inventory using LIFO, record the LiFO adjustment