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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 August 1 August 4 August 11 August 13. August 20 August 26 August 29 Transactions Beginning inventory Sale ($205 each) Purchase Sale ($220 each). Purchase Sale ($230 each) Purchase Ending inventory Cost of goods sold Units В 5 10 8 10 11 12 Unit Cost Total Cost $156 $ 1,248 146 136 126 1,460 1,360 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. 3. Using LIFO, calculate ending inventory and cost of goods sold at August 31.

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 August 1 August 4 August 11 August 13. August 20 August 26 August 29 Transactions Beginning inventory Sale ($205 each) Purchase Sale ($220 each). Purchase Sale ($230 each) Purchase Ending inventory Cost of goods sold Units В 5 10 8 10 11 12 Unit Cost Total Cost $156 $ 1,248 146 136 126 1,460 1,360 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. 3. Using LIFO, calculate ending inventory and cost of goods sold at August 31.

FINANCIAL ACCOUNTING
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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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 August 1 August 4 August 11 August 13 August 20 August 26 August 29 Purchase Transactions Beginning. inventory Sale ($205 each) Purchase Sale ($220 each) Purchase. Sale ($230 each). Ending inventory Cost of goods sold Units 8 5 10 8 10 11 12 Unit Cost $156 146 136 126 Total Cost $ 1,248 $ 1,460 1,360 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. 3. Using LIFO, calculate ending inventory and cost of goods sold at August 31. Check m
Transcribed Image Text: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 August 1 August 4 August 11 August 13 August 20 August 26 August 29 Purchase Transactions Beginning. inventory Sale ($205 each) Purchase Sale ($220 each) Purchase. Sale ($230 each). Ending inventory Cost of goods sold Units 8 5 10 8 10 11 12 Unit Cost $156 146 136 126 Total Cost $ 1,248 $ 1,460 1,360 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. 3. Using LIFO, calculate ending inventory and cost of goods sold at August 31. Check m
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