Question
[The following information applies to the questions displayed below.] Petes Tennis Shop has the following transactions related to its top-selling Wilson tennis racket for the
[The following information applies to the questions displayed below.]
Petes Tennis Shop has the following transactions related to its top-selling Wilson tennis racket for the month of August. Petes Tennis Shop uses a periodic inventory system
Date | Transactions | Units | Cost per Unit | Total Cost | |
August 1 | Beginning inventory | 8 | $141 | $ | 1,128 |
August 4 | Sale ($130 each) | 5 | |||
August 11 | Purchase | 10 | 131 | 1,310 | |
August 13 | Sale ($145 each) | 8 | |||
August 20 | Purchase | 10 | 121 | 1,210 | |
August 26 | Sale ($155 each) | 11 | |||
August 29 | Purchase | 11 | 111 | 1,221 | |
$ | 4,869 | ||||
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. Calculate ending inventory and cost of goods sold at August 31, using the specific identification method. Using FIFO, calculate ending inventory and cost of goods sold at August 31. 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.) |
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