Required information Problem 6-2B Calculate ending inventory, cost of goods sold, sales revenue, and gross profit for four inventory methods (L06-3, 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 Unite 8 Unit Cost $148 Total Cost $ 1,184 August 1 S 10 138 1,380 Transactions Beginning inventory Sale (5165 ech Purchase Sale $180 ench) Purchase Sale $190 each) Purchase August 4 August 11 August 13 Augent 20 August 26 August 29 8 10 128 1,280 11 12 118 1.416 5,260 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. dinginventory Required information Problem 6-2B Calculate ending inventory, cost of goods sold, sales revenue, and gross profit for four inventory methods (L06-3, 6-4, 6-5) [The following information applies to the questions displayed below) Poto'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 Unit 8 Total Cost $ 1,184 August 5 10 138 1,380 Transactions Beginning inventory Sale (5165 each) Purchase Sale (6180 each) Purchase Sale (5190 osch) Purchase August August 11 August 15 August 20 August 26 August 29 B 10 128 1,280 10 12 118 1,416 5,260 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. sing FIFO, calculate ending inventory and cost of goods sold at August 31. Ending to Required information Problem 6-2B Calculate ending inventory, cost of goods sold, sales revenue, and gross profit for four inventory methods (L06-3, 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 Wison tennis racket for the month of August Pete's Tennis Shop uses a periodic inventory system Units 1 ok Unit Cost $140 Total Coat $ 1,184 5 10 130 1,380 bate August August 4 August 11 August 13 August 20 Auguit 26 Awet 29 Transactions Beginning inventory Sale ($165 each) Purchase Sale ($100 each) Purchase Sale (5190 wach) Purchase 8 10 11 128 1,280 12 110 1,416 5,260 For the specific identification method, the August 4 sole consists of rackets from beginning inventory, the August 13 sale consists of rockets 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 2. Using LIFO. calculate ending Inventory and cost of goods sold at August 31 Required information Problem 6-2B Calculate ending inventory, cost of goods sold, sales revenue, and gross profit for four inventory methods (L06-3, 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 Units 8 Unit Cost $148 Total Cost $ 1,184 5 10 138 1,380 Transactions Beginning inventory Sale $165 ench) Purchase Sule ($180 cach) Purchase Sale ($190 onch) Durchase August 4 August 11 agust 13 August 20 Ruquit 26 August 29 8 128 1,280 10 11 12 118 1,416 5,260 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.) Cold work (Algo) Required information Problem 6-2B Calculate ending inventory, cost of goods sold, sales revenue, and gross profit for four inventory methods (L06-3, 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 $148 Total Cost $ 1,184 August 1 5 10 138 Transactions Beginning inventory Sale $165 each) Purchase Sale $100 ebe) Purchase Sale ($190 cch Durchase 1,380 August 4 August 11 August 13 August 20 August 26 Nagut 29 8 10 126 1,280 11 12 118 1,416 5,260 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 rockets from the August 20 purchase. Problem 6-2B Part 5 5. Calculate sales revenue and gross profit under each of the fout methods. (Round weighted average cost amounts to 2 decimal places.) FIFO LIFO Weighted- average cout ork (Algo) 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 Unit 8 Unit Cost $140 Total Cost $ 1,184 5 10 138 1,380 Transaction Beginning inventory Sale ($165 each) Purchase Sale $180 each) Purchase Sale $190 each) Parehase August 4 August 11 August 13 August 20 August 24 August 29 8 10 128 1,280 11 12 118 1.416 5,260 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 7.1 Pete's chooses to report inventory using LIFO, record the LIFO adjustment of no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction dat Journal entry worksheet 1 Record the LIFO adjustment. August Del
