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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 August 4 August 11 August 13 August 20 August 26 August 29 Transactions Beginning inventory Sale ($145 each) Purchase Sale ($160 each) Purchase Sale ($170 each) Purchase Sales revenue Cost of goods sold Gross profit Units Specific Identification 8 5 FIFO 10 8 10 11 11 Unit Cost $144 134 124 LIFO 114 $ 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. Total Cost 1,152 5. Calculate sales revenue and gross profit under each of the four methods (Round weighted-average cost amounts to 2 decimal places.) 1,340 1,240 1,254 4,986 Weighted- average cost

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 August 4 August 11 August 13 August 20 August 26 August 29 Transactions Beginning inventory Sale ($145 each) Purchase Sale ($160 each) Purchase Sale ($170 each) Purchase Sales revenue Cost of goods sold Gross profit Units Specific Identification 8 5 FIFO 10 8 10 11 11 Unit Cost $144 134 124 LIFO 114 $ 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. Total Cost 1,152 5. Calculate sales revenue and gross profit under each of the four methods (Round weighted-average cost amounts to 2 decimal places.) 1,340 1,240 1,254 4,986 Weighted- average cost

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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 August 4 August 11 August 13 August 20 August 26 August 29 Transactions Beginning inventory Sale ($145 each) Purchase Sale ($160 each) Sales revenue Cost of goods sold Gross profit Purchase Sale ($170 each) Purchase 8 5 Specific Identification) 10 FIFO 8 10 11 11 Unit Cost $144 134 124 LIFO 114 Total Cost $ 1,152 $ 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. 5. Calculate sales revenue and gross profit under each of the four methods (Round weighted-average cost amounts to 2 decimal places.) 1,340 1,240 1,254 4,986 Weighted- average cost
Transcribed Image Text: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 August 4 August 11 August 13 August 20 August 26 August 29 Transactions Beginning inventory Sale ($145 each) Purchase Sale ($160 each) Sales revenue Cost of goods sold Gross profit Purchase Sale ($170 each) Purchase 8 5 Specific Identification) 10 FIFO 8 10 11 11 Unit Cost $144 134 124 LIFO 114 Total Cost $ 1,152 $ 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. 5. Calculate sales revenue and gross profit under each of the four methods (Round weighted-average cost amounts to 2 decimal places.) 1,340 1,240 1,254 4,986 Weighted- average cost
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