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[ The following information applies to the questions displayed below. ] Pete's Tennis Shop has the following transactions related to its top - selling Wilson
The following information applies to the questions displayed below.
Pete's Tennis Shop has the following transactions related to its topselling Wilson tennis racket for the month of August. Pete's Tennis Shop uses a periodic inventory system.
tableDateTransactions,Units,Unit Cost,Total CostAugust tableBeginninginventory$$August Sale $ eachAugust Purchase,August Sale $ eachAugust Purchase,August Sale $ eachAugust Purchase,$
For the specific identification method, the August sale consists of rackets from beginning inventory, the August sale consists of rackets from the August purchase, and the August sale consists of one racket from beginning inventory and rackets from the August purchase.
Calculate sales revenue and gross profit under each of the four methods. Round weightedaverage cost amounts to decimal places.
tabletableSpecificIdentificationFIFO,LIFO,tableWeightedaverage costSales revenue,,,,Cost of goods sold,,,,Gross profit,,,,
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