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)
Petes Tennis Shop has the following transactions related to its top-selling Wilson tennis racket for the month of August. Petes Tennis Shop uses a periodic inventory system.
Problem 6-2B Part 4 4. Using weighted-average cost, calculate ending inventory and cost of goods sold at August 31. (Round your intermediate and final answers to 2 decimal places.) Ending inventory Cost of goods sold 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 Units 8 Unit Cost $159 Total Cost $ 1,272 August 1 Transactions Beginning inventory Sale $220 each) Purchase Sale ($235 each) Purchase Sale $245 each) Purchase 10 149 August 4 August 11 August13 August 20 August 26 August 29 1,490 10 139 1,390 129 1,548 5,700 $ 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. August 20 139 1,390 August 26 Purchase Sale $245 each) Purchase August 29 129 1,548 5,700 $ 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 1 Required: 1. Calculate ending inventory and cost of goods sold at August 31, using the specific identification method. X Answer is complete but not entirely correct. Ending inventory Cost of goods sold $ $ 2,243 X 5,700 X 139 1,390 August 20 August 26 Purchase Sale ($245 each) Purchase 11 August 29 129 1,548 5,700 $ 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 2 2. Using FIFO, calculate ending inventory and cost of goods sold at August 31. Ending inventory Cost of goods sold 139 1,390 August 20 August 26 Purchase Sale ($245 each) Purchase 11 August 29 129 1,548 5,700 $ 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 2 2. Using FIFO, calculate ending inventory and cost of goods sold at August 31. Ending inventory Cost of goods sold 10 149 149 1,490 Augustil August 13 August 20 August 26 Purchase Sale $235 each) Purchase Sale $245 each) Purchase 139 1,390 August 29 12 129 1,548 5,700 $ 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 3 3. Using LIFO, calculate ending inventory and cost of goods sold at August 31. Ending inventory Cost of goods sold
