Saved Het 1 Part 1 of 7 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 Wison tennis racket for the month of August. Pete's Tennis Shop uses a periodic Inventory system 10 points Book Unit Cost $143 Total Cost $ 1,144 Print Date August 1 August 4 August 11 August 13 August 20 August 26 August 29 Transactions Beginning inventory Sale ($140 each) Purchase Sale $155 each) Purchase Sale ($165 each) Purchase Units 8 5 10 10 11 10 133 1,330 References 123 113 1,230 1,130 4,834 For the specific identification method, the August 4 sale consists of rackets from beginning inventory the August 13 sole 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 For the specific identification method, the August 4 sale consists of rackets from beginning inventory, the consists of rackets from the August 11 purchase, and the August 26 sale consists of one racket from begin 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 TUUL Saved 2 $143 $ 1,144 August 1 August 4 August 11 August 13 August 20 August 26 August 29 Wyny inventory Sale ($140 each) Purchase Sale ($155 each) Purchase Sale ($165 each) Purchase 133 8 5 10 8 10 11 10 1,330 123 1,230 rt 2 of 7 113 1,138 4,834 $ nts For the specific identification method, the August 4 sale consists of rackets from beginning inventory, the August 13 sa consists of rackets from the August 11 purchase, and the August 26 sale consists of one racket from beginning invento and 10 rackets from the August 20 purchase. eBook Print References 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 CO 4 2 Me Graw of 16 !!! su.edu - Joh. Dashboard YouTube Twitch Advanced Player Search HUTIQ Fan apter 6 Problems Saved 3 8 $143 $ 1,144 133 1,330 August 1 August 4 August 11 August 13 August 20 August 26 August 29 Wymiary inventory Sale ($140 each) Purchase Sale ($155 each) Purchase Sale ($165 each) Purchase 5 10 8 10 11 10 123 1,230 art 3 of 7 113 1,130 4,834 $ ints For the specific identification method, the August 4 sale consists of rackets from beginning inventory, the August 13 consists of rackets from the August 11 purchase, and the August 26 sale consists of one racket from beginning inven and 10 rackets from the August 20 purchase. eBook Print References 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 8 $143 $ 1,144 August 1 August 4 August 11 August 13 August 20 August 26 August 29 Uey1111111 inventory Sale ($140 each) Purchase sale ($155 each) Purchase Sale ($165 each) Purchase 133 1,330 5 10 8 10 11 10 7 123 1,230 113 1,130 4,834 s 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. aces 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 answers to 2 decimal places.) Ending inventory Cost of goods sold 6 Problems Saved 133 1,330 uys August 11 August 13 August 20 August 26 August 29 wu: Purchase Sale ($155 each) Purchase Sale ($165 each) Purchase 10 8 10 11 10 123 1,230 17 113 1,130 4,834 $ 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. nces 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 Chapter 6 Problems Saved Help 6 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. Part 6 of 7 10 points Problem 6-2B Part 6 6. Comparing FIFO and LIFO, which one provides the more meaningful measure of ending inventory? eBook Print References Multiple Choice O LIFO O FIFO Problems Saved Help s 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 1 > Record the LIFO adjustment. Note: Enter debits before credits Date Gonoral Journal Debit Credit August 31