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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)

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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		$	151				$	1,208
August	4		Sale ($180 each)	5
August	11		Purchase	10			141					1,410
August	13		Sale ($195 each)	8
August	20		Purchase	10			131					1,310
August	26		Sale ($205 each)	11
August	29		Purchase	11			121					1,331
											$	5,259

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. rev: 10_13_2016_QC_CS-65854

Problem 6-2B Part 1

Required: 1. Calculate ending inventory and cost of goods sold at August 31, using the specific identification method.