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.

  

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

In case of any doubts or Issues , Please comment below

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Required information Problem 6-2A Calculate ending inventory, cost of goods sold, sales revenue, and gross profit...
Required information Problem 6-2A 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.] Greg’s Bicycle Shop has the following transactions related to its top-selling Mongoose mountain bike for the month of March. Greg's Bicycle Shop uses a periodic inventory system. Date Transactions Units Unit Cost Total Cost March 1 Beginning inventory 20 $ 250 $ 5,000 March 5 Sale ($400 each)...
Problem 6-2A Calculate ending inventory, cost of goods sold, sales revenue, and gross profit for four...
Problem 6-2A Calculate ending inventory, cost of goods sold, sales revenue, and gross profit for four inventory methods (LO6-3, 6-8) [The following information applies to the questions displayed below.] Greg’s Bicycle Shop has the following transactions related to its top-selling Mongoose mountain bike for the month of March. Greg's Bicycle Shop uses a periodic inventory system. Date Transactions Units Cost per Unit Total Cost March 1 Beginning inventory 20 $195 $ 3,900 March 5 Sale ($290 each) 15 March 9...
Problem 6-1A Calculate ending inventory and cost of goods sold for four inventory methods (LO6-3) [The...
Problem 6-1A Calculate ending inventory and cost of goods sold for four inventory methods (LO6-3) [The following information applies to the questions displayed below.] Sandra’s Purse Boutique has the following transactions related to its top-selling Gucci purse for the month of October. Sandra's Purse Boutique uses a periodic inventory system. Date Transactions Units Unit Cost Total Cost October 1 Beginning inventory 6 $ 880 $ 5,280 October 4 Sale 4 October 10 Purchase 5 890 4,450 October 13 Sale 3...
From the following, calculate the cost of ending inventory and cost of goods sold for the...
From the following, calculate the cost of ending inventory and cost of goods sold for the LIFO method, ending inventory is 53 units. (Round your answers to the nearest cent.) Beginning inventory and purchases Units Unit cost January 1 4 $ 3.40 April 10 11 3.90 May 15 11 4.40 July 22 16 4.65 August 19 17 5.40 September 30 21 5.60 November 10 31 5.80 December 15 17 6.20 costs of ending inventory? Cost of goods sold?
Required information Skip to question [The following information applies to the questions displayed below.] Sandra’s Purse...
Required information Skip to question [The following information applies to the questions displayed below.] Sandra’s Purse Boutique has the following transactions related to its top-selling Gucci purse for the month of October. Sandra's Purse Boutique uses a periodic inventory system. Date Transactions Units Unit Cost Total Cost October 1 Beginning inventory 6 $ 700 $ 4,200 October 4 Sale 4 October 10 Purchase 5 710 3,550 October 13 Sale 3 October 20 Purchase 4 720 2,880 October 28 Sale 7...
Requirement 1. Requiremen Compute cost of goods sold and gross profit using the FIFO inventory costing...
Requirement 1. Requiremen Compute cost of goods sold and gross profit using the FIFO inventory costing method. Begin by computing the cost of goods sold and cost of ending merchandise inventory using the FIFO inventory costing method. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of merchandise inventory purchased, sold, and on hand at the...
Using the specific identification method: a. Calculate the ending inventory. b. Calculate the cost of goods...
Using the specific identification method: a. Calculate the ending inventory. b. Calculate the cost of goods sold. Date Units purchased Cost per unit Ending inventory June 1 14 Echo Show’s 360 $ 284 4 Echo Show’s from June July 1 50 Echo Show’s 360 259 10 Echo Show’s from July August 1 68 Echo Show’s 360 249 7 Echo Show’s from August
Giles Manufacturing uses a periodic inventory system and has the following transactions for the month of...
Giles Manufacturing uses a periodic inventory system and has the following transactions for the month of June 2018:   Date Transactions Units Cost per Unit Total Cost   June 1 Beginning inventory 17     $240     $ 4,080        June 7 Sale 12       June 12 Purchase 13     230     2,990        June 15 Sale 11       June 24 Purchase 14     220     3,080        June 27 Sale 15       June 29 Purchase 8     210     1,680      $11,830...
From the following, calculate the cost of ending inventory and cost of goods sold for the...
From the following, calculate the cost of ending inventory and cost of goods sold for the weighted-average method, ending inventory is 49 units. (Round your intermediate calculations and final answers to the nearest cent.) Beginning inventory and purchases Units Unit cost January 1 5 $ 2.00 April 10 10 2.50 May 15 12 3.00 July 22 15 3.25 August 19 18 4.00 September 30 20 4.20 November 10 32 4.40 December 15 16 4.80 Cost of ending inventory $ Cost...
From the following, calculate the cost of ending inventory and cost of goods sold for the...
From the following, calculate the cost of ending inventory and cost of goods sold for the LIFO method, ending inventory is 49 units. (Round your answers to the nearest cent.) Beginning inventory and purchases Units Unit cost January 1 5 $ 2.00 April 10 10 2.50 May 15 12 3.00 July 22 15 3.25 August 19 18 4.00 September 30 20 4.20 November 10 32 4.40 December 15 16 4.80 Costs of ending inventory? Costs of goods sold?
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT