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 Transactioos Beginning inventory Sale ($195 each) Purchase Units Unit Cost Total Cost August 1 8 $154 $ 1,232 August 4 August 11 August 13 August 20 August 26 August 29 10 144 1,440 Sale ($21e each) Purchase Sale ($220 each) Purchase 10 11 11 134 1,340 1,364 5,376 124 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. 2. Using FIFO, calculate ending inventory and cost of goods sold at August 31. Ending inventory Cost of goods sold
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 Transactioos Beginning inventory Sale ($195 each) Purchase Units Unit Cost Total Cost August 1 8 $154 $ 1,232 August 4 August 11 August 13 August 20 August 26 August 29 10 144 1,440 Sale ($21e each) Purchase Sale ($220 each) Purchase 10 11 11 134 1,340 1,364 5,376 124 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. 2. Using FIFO, calculate ending inventory and cost of goods sold at August 31. Ending inventory Cost of goods sold
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter14: Adjustments For A Merchandising Business
Section: Chapter Questions
Problem 9SEB: JOURNAL ENTRIES UNDER THE PERPETUAL INVENTORY SYSTEM Sunita Computer Supplies entered into the...
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