Question

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 Cost August 1 $146 $ 1,168 August 4 10 Transactions Beginning inventory Sale ($155 each) Purchase Sale ($170 each) Purchase Sale ($180 each) Purchase 136 1,360 August 11 August 13 August 20 126 1,260 August 26 August 29 116 1,160 4,948 $ 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.

Answer 1

1744 3204 Answers Specific Identification Ending Inventory Cost of Goods sold a First in First out Ending Inventory Cost of Goods sold B) Last in First Out Ending Inventory Cost of Goods sold c) Weighted Average Cost Ending Inventory Cost of Goods sold 1664 3284 1984 2964 1823 3125

Periodic : Specific Identification Goods Purchasd Cost of Goods Sold Inventory Balance Cost Per cost of Goods # of Units Cost Per Unit Available for sales sold Unit Cost of Ending Goods Sold # of Units Cost Per Unit Inventory 146 1168 146 7301 146 438 # of Units Beginning inventory Purchases Aug-11 Aug-201 Aug-29 Totals 101 136 1 088|| 1386 10 13601 1260 1160 4948 136 126 116 1361 126 116 272 -126 1160 1744 10 116 101 0 24 3204

Periodic : FIFO Goods Purchasd Cost of Goods Sold Inventory Balance Cost Per cost of Goods # of Units Cost Per Unit Available for sales sold Unit ! Cost of Goods Sold # of Units Ending Inventory Cost Per Unit 8 146 1168 8 146 1168 ol 146 # of Units Beginning inventory Purchases Aug-111 Aug-201 Aug-29) 136 1360 ol 136 126 116 756) 10 10 101 38 4 1360 1260) 1160 4948 6 0 24 126 116 136 126 116 10 14 504 1160 1664 Totals 3284 Periodic :LIFO Goods Purchasd Cost of Goods Sold Inventory Balance Cost Per cost of Goods # of Units Cost Per Unit Available for sales sold Unit Cost of Goods Sold # of Units Ending Cost Per Unit Inventory 146 1168 146 1461 1168 # of Units Beginning inventory Purchases Aug-11 Aug-201 Aug-29 Totals 4 8 16| 101 101 38 136 126 116 1360 1260 1160| 4948 136 126 116 544 1260 1160 2964 1361 126 01116 14 101 1984

Periodic : average Cost Goods Purchasd | Cost of Goods Sold Inventory Balance Average Average Cost per cost of Goods # of Units Cost per Cost of Average Cost Ending unit Available for sales sold unit Goods Sold # of Units per unit Inventory # of 146 1168 Beginning inventory Purchases Aug-111 Aug-201 Aug-29 Totals 101 101 101 38 136 126 116 130.21 1360 1260 1160 4948 130.21 3125 130.21 1823