Question

Required information Problem 6-2B Calculate ending inventory, cost of goods sold, sales revenue, and gross profit...

Required information

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
August 1 Beginning inventory 8 $ 156 $ 1,248
August 4 Sale ($205 each) 5
August 11 Purchase 10 146 1,460
August 13 Sale ($220 each) 8
August 20 Purchase 10 136 1,360
August 26 Sale ($230 each) 11
August 29 Purchase 12 126 1,512
$ 5,580

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.

rev: 10_13_2016_QC_CS-65854

Problem 6-2B Part 1

Required:
1. Calculate ending inventory and cost of goods sold at August 31, using the specific identification method.

  

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