Required information[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.DateTransactionsUnitsUnit CostTotal CostBeginninginventorySale ($125 each)August 18$140$1,120August 4August 11August 13August 20August 26August 295Purchase101301,300Sale ($140 each)Purchase8101201,200Sale ($150 each)Purchase11101101,100244,720For the specific identification method, the August 4 sale consists of rackets from beginning inventory, the August 13 saleconsists of rackets from the August 11 purchase, and the August 26 sale consists of one racket from beginning inventoryand 10 rackets from the August 20 purchase.3. Using LIFO, calculate ending inventory and cost of goods sold at August 31.Ending inventoryCost of goods sold

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3. Using LIFO, calculate ending inventory and cost of goods sold at August 31. Ending inventory Cost of goods sold

FINANCIAL ACCOUNTING

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ISBN:9781259964947

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Chapter1: Financial Statements And Business Decisions

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