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Billies Tennis Shop has the following transactions related to its top-selling Wilson tennis racket for the month of August. Billies Tennis Shop uses a periodic
Billies Tennis Shop has the following transactions related to its top-selling Wilson tennis racket for the month of August. Billies Tennis Shop uses a periodic inventory system.
Date | Transactions | Units | Unit Cost | Total Cost |
---|---|---|---|---|
August 1 | Beginning inventory | 8 | $142 | $1,136 |
August 4 | Sale ($135 each) | 5 | ||
August 11 | Purchase | 10 | 132 | 1,320 |
August 13 | Sale ($150 each) | 8 | ||
August 20 | Purchase | 10 | 122 | 1,220 |
August 26 | Sale ($160 each) | 11 | ||
August 29 | Purchase | 12 | 112 | 1,344 |
$5,020 |
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.
Using LIFO, calculate ending inventory and cost of goods sold at August 31
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