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 Units Unit Cost $145 Total Cost $ 1,160 Transactions Beginning inventory Sale ($150 each) Purchase Sale ($165 each) Purchase Sale ($175 each) Purchase 135 August 1 August 4 August 11 August 13 August 20 August 26 August 29 1,350 125 1,250 1,380 5,140 $ 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 7 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 prou Most Required: 1. Assuming that Circuit Country uses a perpetual inventory system, record the transactions. (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 purchase of radios on account from Radio World for $1,800, terms 1/15, n/45. Note: Enter debits before credits. Date General Journal Debit Credit June 02 Problem 6-3B Record transactions and prepare a partial income statement using a perpetual inventory system (LO6-2, 6-5) [The following information applies to the questions displayed below.) At the beginning of June, Circuit Country has a balance in inventory of $2,100. The following transactions occur during the month of June. June 2 Purchase radios on account from Radio World for $1,800, terms 1/15, n/45. June 4 Pay cash for freight charges related to the June 2 purchase from Radio World, $220. June 8 Return defective radios to Radio World and receive credit, $200. June 10 Pay Radio World in full. June 11 Sell radios to customers on account, $3,200, that had a cost of $2,300. June 18 Receive payment on account from customers, $2,200. June 20 Purchase radios on account from Sound Unlimited for $2,900, terms 3/10, n/30. June 23 Sell radios to customers for cash, $4,400, that had a cost of $2,700. June 26 Return damaged radios to Sound Unlimited and receive credit of $400. June 28 Pay Sound Unlimited in full. Problem 6-3B Part 2 2. Prepare the top section of the multiple-step income statement through gross profit for the month of June. CIRCUIT COUNTRY Multiple-step Income Statement (partial) For the month of June Required information Problem 6-4B Report inventory using lower of cost and net realizable value (LO6-6) [The following information applies to the questions displayed below.) A home improvement store, like Lowe's, carries the following items: Quantity 120 40 Inventory Items Hammers Saws Screwdrivers Drills 1-gallon paint cans Paintbrushes 120 30 150 170 Unit Cost $ 7.80 10.80 2.80 25.80 6.30 6.80 Unit NRV $ 8.30 9.80 3.40 23.60 5.80 7.30 Problem 6-4B Part 1 Required: 1. Compute the total cost of inventory. Total cost