Just posting answers

Richie's Tennis Shop has the following transactions related to its top-selling Wilson tennis racket for the month of August. Richie'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 meaningful measure of ending inventory? 7. If Richie's chooses to report inventory using LIFO, record the LIFO adjustment. Complete this question by entering your answers in the tabs below. 5. Calculate sales revenue and gross profit under each of the four methods. 6. Comparing FIFO and LIFO, which one provides the more meaningful measure of ending inventory? 7. If Richie's chooses to report inventory using LIFO, 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. a From the August 4 sale; b From the August 13 sale; c From the August 26 sale. 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 meaningful measure of ending inventory? 7. If Richie's chooses to report inventory using LIFO, record the LIFO adjustment. Complete this question by entering your answers in the tabs below. Using FIFO, calculate ending inventory and cost of goods sold at August 31. 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 meaningful measure of ending inventory? 7. If Richie's chooses to report inventory using LIFO, record the LIFO adjustment. Complete this question by entering your answers in the tabs below. Using LIFO, calculate ending inventory and cost of goods sold at August 31 . a Last 24 units purchased are assumed sold 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 meaningful measure of ending inventory? 7. If Richie's chooses to report inventory using LIFO, record the LIFO adjustment. 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 intermediate calculations to 4 decimal places and final answers to 2 decimal places.) a Last 24 units purchased are assumed sold 4. Weighted-average cost =$5,460/40 units =$136.5000 Ending inventory =16 units $136.5000=$2,184.00 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 meaningful measure of ending inventory? 7. If Richie's chooses to report inventory using LIFO, record the LIFO adjustment. 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.) Cost of goods sold = 24 units $136.5000=$3,276.00 5. 6. FIFO provides the more meaningful measure of ending inventory. The amount of ending inventory reported using FIFO (\$2,008) compared to LIFO ($2,368) better approximates the current cost of inventory at the end of the period ($123 per unit 16 units =$1,968) aFromtheAugust4sale;b From the August 13 sale; c From the August 26 sale. 2. a First 24 units purchased are assumed sold