Correct Answer:
Weighted Average |
|
Sales Revenue |
$ 4,235.00 |
Cost of goods sold |
$ 3,140.31 |
Gross profit |
$ 1,094.69 |
Working:
Weighted Average Cost Per unit |
|||
Units |
(A) |
39 Units |
|
Total Cost |
(B) |
$ 5,103.00 |
|
Average Cost |
(C=B/A) |
$ 130.85 |
Weighted Average |
||||||
A |
Total Units Available for sale |
39 |
$ 5,103.00 |
|||
Units Sold |
24 |
|||||
Ending Inventory Units |
15 |
|||||
Valuation |
||||||
Cost of Goods Sold |
24 |
$ 130.85 |
$ 3,140.31 |
|||
B |
Cost of Goods Sold |
24 |
units |
$ 3,140.31 |
||
A-B |
Ending Inventory |
15 |
units |
$ 1,962.69 |
End of answer.
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I'm just missing the gross profit using waighted average cost Pete's Tennis Shop has the following...
cost of goods sold? and ending inventory round to 2 decimal
places
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. Units Date August 1 Unit Cost $147 Total Cost $ 1,176 Transactions Beginning inventory Sale ($160 each) Purchase Sale ($ 175 each) Purchase Sale ($185 each) Purchase 137 August 4 August 11 August 13 August 20 August 26 August 29 1,370...
LIFO
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 $147 Total Cost $ 1,176 August 4 August 11 August 13 137 1,370 Transactions Beginning Inventory Sale (5160 each) Purchase Sale ($175 each) Purchase Sale ($185 each) Purchase August 20 1,270 August 26 August 29 117 1,287 5,103 $ For the specific identification method, the...
record the LIFO adjustment
Ine TONOWY WUNDUNT UPP 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. Units Date August 1 Unit Cost $147 Total Cost $ 1,176 137 1,370 August 4 August 11 August 13 August 20 August 26 August 29 Transactions Beginning inventory Sale ($160 each) Purchase Sale ($175 each) Purchase Sale ($185 each) Purchase 127 1,270 217 1,287 5.103...
calculate ending inventory and cost of goods sold on augut 31,
using the specific identification method.
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 Unit Cost $147 Total cost $ 1,176 August 1 August 4 August 11 August 13 Transactions Beginning inventory Sale ($160 each Purchase Sale (5175 each) Purchase Sale ($185 1,370 August 20 1,270 August 26 August...
P6-2B Pete's Tennis Shop has the following transactions related to its top-selling Wilson tennis Calc racket for the month of August: inver sold and Total Cost inve (LO Unit Cost Units Transactions Date $1,280 $160 8 August 1 August 4 Beginning inventory Sale ($225 each) 5 1,500 150 10 Purchase August 11 August 13 August 20 August 26 August 29 8 Sale ($240 each) 140 1,400 10 Purchase Sale ($250 each) 1.430 130 Purchase $5.610 Required 1. Calculate ending inventory...
Calculate ending inventory and cost of
goods sold using Specific Identification, FIFO, LIFO, and Weighted
Average.
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 Wilson tennis racket for the month of August. Pete's Tennis Shop uses a periodic inventory system. Date Units Unit Cost Total...
hapter 6 Homework (Algo) i inventory methods (L06-3, 6-4, 6-5) (The following information applies to the questions displayed below.) art 1 of 7 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 Unit Cost Total cost 25 August 1 August 4 August 11 August 13 August 20 August 26 August 29 transactions Beginning inventory Sale (5205 each) Purchase Sale $220...
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 1 Beginning inventory 8 $ 149 $ 1,192 August 4 Sale ($170 each) 5 August 11 Purchase 10 139 1,390 August 13 Sale ($185 each) 8 August 20 Purchase 10 129 1,290 August 26 Sale ($195 each) 11 August 29 Purchase 10 119 1,190 $...
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:
1. Calculate ending inventory and cost of goods
sold at August 31, using the specific identification method.
(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...
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 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 $...