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Billie's Tennis Shop has the following transactions related to its top - selling Wilson tennis racket for the month of August. Billie's Tennis Shop uses
Billie's Tennis Shop has the following transactions related to its topselling Wilson tennis racket for the month of August. Billie's Tennis
Shop uses a periodic inventory system.
For the specific identification method, the August sale consists of rackets from beginning inventory, the August sale consists of
rackets from the August purchase, and the August sale consists of one racket from beginning inventory and rackets from the
August purchase.
Required:
Calculate ending inventory and cost of goods sold at August using the specific identification method.
Using FIFO, calculate ending inventory and cost of goods sold at August
Using LIFO, calculate ending inventory and cost of goods sold at August
Using weightedaverage cost, calculate ending inventory and cost of goods sold at August
Calculate sales revenue and gross profit under each of the four methods.
Comparing FIFO and LIFO, which one provides the more meaningful measure of ending inventory?
If Billie's chooses to report inventory using LIFO, record the LIFO adjustment.
Please help me answer the requirements
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