Bobby's Tennis Shop has the following transactions related to its top-selling Wilson tennis racket for the month of August. Bobby's Tennis Shop uses a periodic inventory system. Date August 1 August 4 August 11 August 13 August 20 August 26 August 29 Transactions Beginning inventory Sale ($195 each) Purchase Sale ($210 each) Purchase Sale ($220 each) Purchase Units 8 5 10 8 10 11 11 Unit Cost $154 144 134 124 Total Cost $1,232 1,440 1,340 1,364 $5,376 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. Required: 1. Calculate ending inventory and cost of goods sold at August 31, using the specific identification method. 2. Using FIFO, calculate ending inventory and cost of goods sold at August 31. 3. Using LIFO, calculate ending inventory and cost of goods sold at August 31. 4. Using weighted-average cost, calculate ending inventory and cost of goods sold at August 31. 5 Calculate sales revenue and gross profit under each of the four methods

Bobby's Tennis Shop has the following transactions related to its top-selling Wilson tennis racket for the month of August. Bobby's Tennis Shop uses a periodic inventory system. Date August 1 August 4 August 11 August 13 August 20 August 26 August 29 Transactions Beginning inventory Sale ($195 each) Purchase Sale ($210 each) Purchase Sale ($220 each) Purchase Units 8 5 10 8 10 11 11 Unit Cost $154 144 134 124 Total Cost $1,232 1,440 1,340 1,364 $5,376 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. Required: 1. Calculate ending inventory and cost of goods sold at August 31, using the specific identification method. 2. Using FIFO, calculate ending inventory and cost of goods sold at August 31. 3. Using LIFO, calculate ending inventory and cost of goods sold at August 31. 4. Using weighted-average cost, calculate ending inventory and cost of goods sold at August 31. 5 Calculate sales revenue and gross profit under each of the four methods

Name: Bobby's Tennis Shop has the following transactions related to its top
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Description: Bobby's Tennis Shop has the following transactions related to its top-selling Wilson tennis racket for the month of August. Bobby'sTennis Shop uses a periodic inventory system.DateAugust 1August 4August 11August 13August 20August 26August 29Transact

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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