Petes Tennis Shop has the following transactions related to its top-selling Wilson tennis racket for the month of August 2015. Petes Tennis Shop uses a periodic inventory system

Date

Transactions

Units

Cost per Unit

Total Cost

August 1

Beginning inventory

8

$152

$

1,216

August 4

Sale ($185 each)

5

August 11

Purchase

10

142

1,420

August 13

Sale ($200 each)

8

August 20

Purchase

10

132

1,320

August 26

Sale ($210 each)

11

August 29

Purchase

10

122

1,220

$

5,176

1.

Calculate ending inventory and cost of goods sold at August 31, 2015, using 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.

Ending Inventory: ____?______

Cost of Goods Sold: _____?______

2.

Using FIFO, calculate ending inventory and cost of goods sold at August 31, 2015.

Ending Inventory: ____?______

Cost of Goods Sold: _____?______

3.	Using LIFO, calculate ending inventory and cost of goods sold at August 31, 2015 Ending Inventory: ____?______ Cost of Goods Sold: _____?______

4.	Using weighted-average cost, calculate ending inventory and cost of goods sold at August 31, 2015. (Round your intermediate and final answers to 2 decimal places.) Ending Inventory: ____?______ Cost of Goods Sold: _____?______

5.	Calculate sales revenue and gross profit under each of the four methods. (Round weighted-average cost amounts to 2 decimal places.)

	Special Identifcation	FIFO	LIFO	Weighted-average Cost
Sales Revenue	?	?	?	?
Gross Profit	?	?	?	?