8 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 $157 $ 1,256 August 4 Sale (5210 each) August 11 Purchase 1,47 August 13 Sale (5225 each) August 20 Purchase le 137 1,370 August 26 Sale ($235 each) 11 August 29 Purchase 11 127 1,397 $ 5,493 5 1e 147 8 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. 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 inventory 8 $157 $ 1,256 August 4 Sale (521e each) 5 August 11 Purchase 147 1,470 August 13 Sale ($225 each) 8 August 20 Purchase le 137 1,370 August 26 Sale ($235 each) 11 August 29 Purchase 11 127 1,397 $ 5,493 le For the specific identification method, the August 4 sale consists of rockets 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. 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 $157 $ 1,256 August 4 Sale ($210 each) 5 August 11 Purchase 142 1,47 August 13 Sale ($225 each) August 2e Purchase 137 1,37e August 26 Sale (8235 each) 11 August 29 Purchase 127 1,397 $ 5,493 10 8 le 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. 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 $157 $ 1,256 August 4 Sale ($21e each) August 11 Purchase le 147 1,470 August 13 Sale ($225 each) August 2e Purchase 10 137 1,370 August 26 Sale ($235 each) 11 August 29 Purchase 11 1,397 $ 5,493 5 00 127 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 1 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 $157 $ 1,256 August 4 Sale ($210 each) 5 August 11 Purchase 10 147 1,470 August 13 Sale ($225 each) 8 August 2e Purchase 10 137 1,370 August 26 Sale ($235 each) 11 August 29 Purchase 11 127 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 6. Comparing FIFO and LIFO, which one provides the more meaningful measure of ending inventory? Multiple Choice LIFO cos FIFO 7. If Pete's chooses to report inventory using LIFO, record the LIFO adjustment. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 Record the LIFO adjustment. GN
