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. Unit Date Transactions Units Cost Total Cost August i Beginning 8 $157 $ 1,256 inventory August 4 Sale ($210 each) August11 Purchase 10 147 1,470 Sale ($225 August13 each) August 20 Purchase 1371, 370 Sale ($235 August 26 each) August 29 Purchase 11 127 1,397 $ 5,493 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. Ending inventory Cost of goods sold 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 August 1 August 4 August11 August13 August 20 August26 August 29 Unit Transactions Units Cost Total Cost Beginning 8 $157 $ 1,256 inventory Sale ($210 each) Purchase 147 1,470 Sale ($225 each) Purchase 137 1,370 Sale ($235 each) Purchase 11 127 1,397 $ 5,493 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 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. Unit Cost Total Cost $157 $ 1,256 Date Transactions Units Beginning August 1 8 inventory Sale ($210 August 4 each) Augustil Purchase 10 Sale ($225 August13 each) August20 Purchase Sale ($235 August 26 11 each) August 29 Purchase 147 1,470 137 1,370 127 1,397 $ 5,493 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 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 Unit Cost Total Cost $157 $ 1,256 August 1 147 1,470 August 4 August11 August 13 August 20 August 26 August 29 Transactions Units Beginning 8 inventory Sale ($210 each) Purchase Sale ($225 each) Purchase Sale ($235 each) Purchase 10 137 1,370 127 1,397 $ 5,493 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 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 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. Unit Date Transactions Units Cost Total Cost Beginning August 1 8 $157 $ 1,256 inventory Sale ($210 August 4 each) Augustil Purchase 147 1,470 Sale ($225 August13 each) August20 Purchase 137 1,370 Sale ($235 August 26 each) August 29 Purchase 11 127 1,397 $ 5,493 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 5 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 Gross profit 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 Unit Cost Total Cost $157 $ 1,256 August 1 147 1,470 August 4 Augustii August13 August 20 August 26 August 29 Transactions Units Beginning 8 inventory Sale ($210 5 each) Purchase 10 Sale ($225 each) Purchase Sale ($235 11 each) Purchase 11 137 1,370 127 1,397 $ 5,493 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