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please help me figured out The following information applies to the questions displayed below. Pete's Tennis Shop has the following transactions related to its top-selling
please help me figured out
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. Cost per Date August 1 August 4 August 11 August 13 August 20 August 26 August 29 Transactions Units UnitTotal Cost Beginning inventory Sale ($225 each) Purchase Sale ($240 each) Purchase Sale ($250 each) Purchase $160 $1,280 1,500 1,400 .430 $ 5,610 5 10 150 140 130 10 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 information 0.28 points 7. If Pete's chooses to report inventory using LIFO, record the LIFO adjustment. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the LIFO adjustment. Note: Enter debits before credits. Date General Journal Debit Credit August 31 Record entry Clear entry View general journalStep by Step Solution
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