Problem 6.2B (Algo) Colculote ending inventory, cost of goods sold, soles revenue, and gross profit for four inventory methods (LO5.3, 6.4, 6.5) Bobby's Fenis Stop has the following vansactions related to its top-selling Wison tennis racket for the month of August. Bobby's Tennis Shop usec ai penodic inventory system. For the specificidentificaton method, the August 4 sale consists of rackets from begining inventory, the August 13 saie consists of rackiets forn the Aupust 11 purchase, and the August 26 sale consists of one racket Ifpm beginning inventory and 10 rackets from the Migust 20 prirchase Required: 1. Celeviate ending imventocy and cost of goods sold at Aupust 3h, using the specificidentificotion method 2. Uning FiFO, calculote ending inventory and cost of goods sold at August 31 3. Using LiFO, calculate ending inventory and cost of goods sold at August 31 . 5. Calculate fales revenue and gross protit under eich of the four methods 6. Comparing Fro und LifO, Which one provedes the nore meaninglui measure of ending imentory? Compiete this tquestion ty entering vour anwwers in the tabs below. Required: 1. Catculate ending inventory and cost of goods sold at August 31, using the specific identification method: 2. Using FFO, 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 Bobby'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. For the specific identification method, the August 4 sale consists of rackets from the August 11 purchase, and the August 26 sale consists of one racket from beginning inventory and 10 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 U.F, calculate ending inventory and cost of goods sold at August 31. 4. Using welghted-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 Bobby'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 revente 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 Bobby's chooses to report inventory using LIFO, record the LIFO adjustment. Complete this question by entering your answers in the tabs below. Using ufo, 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, colculate ending invegtory and cost of goods sold at August 31. (Round your intermediate calcuiations 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 calcu to 4 decimal places and finaf answers to 2 decimal placess.) Complete this question by entering your answers in the tabs below. Companing fIFO and UFO, which one provides the more meaningful measure of ending inventory? Journal entry worksheet
