Required information 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) Skip to question [The following information applies to the questions displayed below.] 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. Date Transactions Units Unit Cost Total Cost August 1 Beginning inventory 8 $ 156 $ 1,248 August 4 Sale ($205 each) 5 August 11 Purchase 10 146 1,460 August 13 Sale ($220 each) 8 August 20 Purchase 10 136 1,360 August 26 Sale ($230 each) 11 August 29 Purchase 12 126 1,512 $ 5,580 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.

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Required information 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 Transactions Units Unit Cost Total Cost August 1 Beginning inventory 8 $156 $ 1,248 August 4 Sale ($205 each) 5 August 11 Purchase 146 1,460 August 13 Sale ($220 each) August 20 Purchase. 10 136 1,360 11 August 26 August 29 Sale ($230 each) Purchase 12 126 1,512 $ 5,580 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 8 3. Using LIFO, calculate ending inventory and cost of goods sold at August 31. Ending inventory Cost of goods sold 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 5. Calculate sales revenue and gross profit under each of the four methods. (Round weighted-average cost amounts to 2 decimal places.) Specific Identification FIFO LIFO Weighted- average cost Sales revenue Cost of goods sold Gross profit Assessment Tool iFrame 7 If Poto's chooses to report inventory using LIFO, record the LIFO adjustment. (If no entry is required for a transaction/event, select no seamar snery Required" in the first account field.) View transaction list Journal entry worksheet Record the LIFO adjustment. Note: Enter debits before credits. Debit Date August 31 Record entry General Journal Clear entry Credit View general journal