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(Solved by Expert Tutors) Pete?s Tennis Shop has the following transactions related to its top-sel


of August. Pete?s Tennis Shop uses a periodic inventory system

DateTransactionsUnitsCost per
UnitTotal Cost
August 1Beginning inventory8 $144 $1,152?
August 4Sale ($145 each)5?
August 11Purchase10 134 1,340?
August 13Sale ($160 each)8?
August 20Purchase10 124 1,240?
August 26Sale ($170 each)11?
August 29Purchase11 114 1,254?

$4,986?


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.

1. Calculate ending inventory and cost of goods sold at August 31, using the specific identification method.
2. Using FIFO, calculate ending inventory and cost of goods sold at August 31.?
3. Using LIFO, calculate ending inventory and cost of goods sold at August 31.?
4. Using weighted-average cost, calculate ending inventory and cost of goods sold at August 31.
5. Calculate sales revenue and gross profit under each of the four methods.

 


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Apr 19, 2020

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