Question
Required information [The following information applies to the questions displayed below.] Pete's Tennis Shop has the following transactions related to its top-selling Wilson tennis
Required information [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 11 Beginning $153 $ 1,224 inventory August 41 Sale ($190 each) 5 August 11 Purchase 10 143 1,430 August 13 Sale ($205 each) 8 August 20 Purchase 10 133 1,330 August 26 August 29 Sale (5215 each) Purchase 11 12 123 1,476 5,460 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. 5. Calculate sales revenue and gross profit under each of the four methods. (Round weighted-average cost amounts to 2 decimal places.) Sales revenue Cost of goods sold Gross prof Specific Identification FIFO LIFO Weighted- average cost 3,392 3,452 3.092 3.276.00
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