Problem 6-2B Calculate ending inventory, cost of goods sold, sales revenue, and gross profit for four inventory methods (LO6-3, 6-4, 6-5) [The following information applies to the questions displayed below.] 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 Transactions Units Unit Cost Total Cost Beginning inventory Sale ($125 each) Purchase Sale ($140 each) Purchase Sale ($150 each) August 1 $140 2$ 1,120 August 4 August 11 August 13 August 20 August 26 August 29 10 8 10 130 1,300 120 1,200 11 Purchase 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.

Problem 6-2B Calculate ending inventory, cost of goods sold, sales revenue, and gross profit for four inventory methods (LO6-3, 6-4, 6-5) [The following information applies to the questions displayed below.] 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 Transactions Units Unit Cost Total Cost Beginning inventory Sale ($125 each) Purchase Sale ($140 each) Purchase Sale ($150 each) August 1 $140 2$ 1,120 August 4 August 11 August 13 August 20 August 26 August 29 10 8 10 130 1,300 120 1,200 11 Purchase 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.

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Description: !Required informationProblem 6-2B Calculate ending inventory, cost of goods sold, sales revenue, and gross profit for fourinventory methods (LO6-3, 6-4, 6-5)[The following information applies to the questions displayed below.]Pete's Tennis Shop has

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter20: Accounting For Inventory

Section20.3: Estimating Inventory

Problem 1OYO

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