Billie’s Tennis Shop has the following transactions related to its top-selling Wilson tennis racket for the month of August. Billie’s Tennis Shop uses a periodic inventory system. Date Transactions Units Unit Cost Total Cost August 1 Beginning inventory 8 $158 $1,264 August 4 Sale ($215 each) 5     August 11 Purchase 10 148 1,480 August 13 Sale ($230 each) 8     August 20 Purchase 10 138 1,380 August 26 Sale ($240 each) 11     August 29 Purchase 10 128 1,280         $5,404 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.Using weighted-average cost, calculate ending inventory and cost of goods sold at August 31. 2. Calculate sales revenue and gross profit under each of the four methods. 3. Comparing FIFO and LIFO, which one provides the more meaningful measure of ending inventory? 4. If Billie’s chooses to report inventory using LIFO, record the LIFO adjustment. NEED ANSWER FOR ALL OR SKIP PLEASE DO NOT SAY ABOUT YOUR GUIDELINES  PROVIDE COMPLETE CORRECT WELL EXPLAINED FORMULATED ANSWER FOR ALL PARTS

Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Units Sold at Retail Units Acquired at Cost 100 units @ $50 per unit 400 units@ $55 per unit Date Mar. Mar. Mar. Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Activities 1 Beginning inventory 5 Purchase 9 Sales 420 units @ $85 per unit 120 units @ $60 per unit 200 units @ $62 per unit 160 units @ $95 per unit Totals 820 units 580 units 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification, the March 9 sale consisted of 80 units from beginning inventory and 340 units from the March 5 purchase; the March 29 sale consisted of 40 units from the March 18 purchase and 120 units from the March 25 purchase. es Complete this question by einering your answers in the tabs below. Perpetual FIFO Perpetual LIFO Weighted Average Specific Id Compute the cost assigned to…

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Thraya Industries had the following transactions in the month of March. Thraya uses a perpetual inventory system to account for its inventory transactions. All sales and purchases are on account. Date   Units Unit Cost Unit Sales Price Mar. 1 Beginning inventory 2,000 litres $6.15/l   Mar. 3 Purchase 2,500 litres $6.21/l   Mar. 5 Sale 2,300 litres   $10.50/l Mar. 10 Purchase 4,000 litres $6.72/l   Mar. 20 Purchase 2,500 litres $6.94/l   Mar. 30 Sale 5,200 litres   $12.50/l   Calculate the cost of goods sold, ending inventory, and gross profit for March using the weighted average (WA) method. Round the per-unit cost to two decimal places. Prepare journal entries to record the purchases and sales from parts B and C. Assume all purchases and sales are made on account. Answer the following questions for management. Which inventory method (FIFO or WA) produces the more meaningful inventory amount for…