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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Answer ALL parts for Gross Profit With Working.Answer In Text.
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Can anyone help me these question, PA11 and PA12?
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answer both parts correctly
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