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Can you please help me with all 7 parts of this. URGENT Bobby's Tennis Shop has the following transactions related to its top-selling Wilson tennis
Can you please help me with all 7 parts of this. URGENT
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. 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 meaning ful measure of ending inventory? 7. If Bobby's chooses to report inventory using L.FO, record the LIFO adjustment. Complete this question by entering your answers in the tabs below. Calculate ending inventory and cost of goods sold at August 31, using the specific identification method. Complete this question by entering your answers in the tabs below. Using FIFO, calculate ending inventory and cost of goods sold at August 31. Complete this question by entering your answers in the tabs below. Using LiFO, calculate ending inventory and cost of goods sold at August 31. Complete this question by entering your answers in the tabs below. Using weighted-average cost, calculate ending inventory and cost of goods sold at August 31 . (Round your intermedlate calculations to 4 decimal places and final answers to 2 decimal places.) Complete this question by entering your answers in the tabs below. Calculate sales revenue and gross profit under each of the four methods. (Round weighted-average intermediate calculations to 4 decimal places and final answers to 2 decimal places.) Complete this question by entering your answers in the tabs below. Comparing FIFO and LFO, which one provides the more meaningful measure of ending inventory? Companing FIFO and LiFO whict one provides the more meaninglul measije of ending invontory? If Bobby's chooses to report inventory using UFO, record the UFO adjustment. (If no entry is required for a transaction/event, select "No lournal Entry Required" in the first account field.) Journal entry worksheet Nate: Hfer debits before brel:s Step by Step Solution
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