cm6n ר 7םPurchaseaכLCTT1,100$4,720August 2910110For 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.Problem 6-2B Part 55. Calculate sales revenue and gross profit under each of the four methods. (Round weighted-average cost amounts to 2 decimalplaces.)X Answer is complete but not entirely correct.SpecificIdentificationWeighted-average costFIFOLIFOSales revenue$3,395$3,3953,395$3,395.00Cost of goods3,0803,1403,070 X3,124.00 XsoldGross profit$315$255325 X $271.00 X%24 !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 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)PurchaseSale ($140 each)PurchaseAugust 18.$140$1,120August 4August 11August 13August 20August 26August 291301,3001201,200Sale ($150 each)10111,100$4,720Purchase10110For 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.Problem 6-2B Part 5LO O 00 HO

5. Calculate sales revenue and gross profit under each of the four methods. (Round weighted-average cost amounts places.) Answer is complete but not entirely correct. Specific Identification Weighted- average cost FIFO LIFO Sales revenue $ 3,395 O $ 3,395 O $ 3,395 2$ 3,395.00 Cost of goods sold 3,080 3,140 O 3,070 X 3,124.00 Gross profit 315 $ 255 $ 325 X $ 271.00 X

5. Calculate sales revenue and gross profit under each of the four methods. (Round weighted-average cost amounts places.) Answer is complete but not entirely correct. Specific Identification Weighted- average cost FIFO LIFO Sales revenue $ 3,395 O $ 3,395 O $ 3,395 2$ 3,395.00 Cost of goods sold 3,080 3,140 O 3,070 X 3,124.00 Gross profit 315 $ 255 $ 325 X $ 271.00 X

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 7) Given the following data, what is cost of goods sold as determined under the FIF0 method? 7) Sales revenue 350 units at $35 per unit Beginning inventory 120 units at $15 per unit Purchases 400 units at $20 per unit A) $4,600 B) $7,000 C) $6,400 D) $5,250
Using the following data, how should the merchandise be valued under lower of cost or market?Original cost $1,350Estimated selling price 1,475Selling expenses 180
(16). Subject :- Accounting
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Cherokee Incorporated is a merchandiser that provided the following information Number of units sold Selling price per unit Variable selling expense per unit Variable administrative expense per unit Total fixed selling expense Total fixed administrative expense Beginning merchandise inventory Ending merchandise inventory Merchandise purchases Required: . Prepare a traditional income statement. 2. Prepare a contribution format income statement. Amount 12,000 $ 17 $ 1 $ 3 $ 19,000 $ 15,000 $ 11,000 $ 24,000 $ 86,000 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a traditional income statement. Cherokee, Incorporated Traditional Income Statement Selling and administrative expenses: 0
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Cherokee Incorporated is a merchandiser that provided the following information: Number of units sold Selling price per unit Variable selling expense per unit Variable administrative expense per unit Total fixed selling expense Total fixed administrative expense Beginning merchandise inventory Ending merchandise inventory Merchandise purchases Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement. Amount 11,000 $ 16 $ 1 $ 3 $ 21,000 $ 15,000 $ 10,000 $ 24,000 $ 87,000 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a traditional income statement. Cherokee, Incorporated Traditional Income Statement Selling and administrative expenses:
Can anyone help me these question, PA11 and PA12?
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I found that gross profit of LIFO is 1270 but still cant find the weighted average for gross profit