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. Transactions Units Unit Cost Total Cost Date Beginning inventory Sale ($125 each) Purchase August 1 8 $140 1,120 August 4 August 11 August 13 August 20 August 26 August 29 5 10 130 1,300 Sale ($140 each) Purchase Sale ($150 each) Purchase 10 120 1,200 11 10 110 1,100 4,720 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. Transactions Units Unit Cost Total Cost Date Beginning inventory Sale ($125 each) Purchase August 1 8 $140 1,120 August 4 August 11 August 13 August 20 August 26 August 29 5 10 130 1,300 Sale ($140 each) Purchase Sale ($150 each) Purchase 10 120 1,200 11 10 110 1,100 4,720 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
Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter20: Accounting For Inventory
Section: Chapter Questions
Problem 3AP
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