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I need help with FIFO, LIFO, and Weighted average Required information Problem 6-2B Calculate ending inventory, cost of goods sold, sales revenue, and gross profit
I need help with FIFO, LIFO, and Weighted average
Required information Problem 6-2B Calculate ending inventory, cost of goods sold, sales revenue, and gross profit for four inventory methods (LO6-3, 6-4, 6-5) [The following information applies to the questions displayed below.) 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 Unit Cost $150 Total Cost $ 1,200 August 1 140 140 1,400 Transactions Units Beginning 8 inventory Sale ($175 each) Purchase 10 Sale ($190 each) Purchase Sale ($200 each) Purchase August 4 Augustil August13 August20 August 26 August 29 130 1,300 120 1,440 $ 5,340 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. Problem 6-2B Part 5 5. Calculate sales revenue and gross profit under each of the four methods. (Round weighted average cost amounts to 2 decimal places.) Specific Weighted- Identification FIFO LIFO average cost Sales $ 4,595 $ 4,595 $ 4,595 $ 4,595.00 revenue Gross profit $ 1,300Step by Step Solution
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