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 ($210 each) Purchase Sale ($225 each) Purchase Sale ($235 each) Purchase Ending inventory Cost of goods sold Answer is not complete. Units 8 5 10 S 1,915 8 10 11 11 Unit Cost $157 147 137 127 Total Cost $ 1,256 $ 1,470 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. 1,370 Required: 1. Calculate ending inventory and cost of goods sold at August 31, using the specific identification method. 1,397 5,493
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 ($210 each) Purchase Sale ($225 each) Purchase Sale ($235 each) Purchase Ending inventory Cost of goods sold Answer is not complete. Units 8 5 10 S 1,915 8 10 11 11 Unit Cost $157 147 137 127 Total Cost $ 1,256 $ 1,470 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. 1,370 Required: 1. Calculate ending inventory and cost of goods sold at August 31, using the specific identification method. 1,397 5,493
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![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.
Date
August 1
August 4
August 11
August 13
August 20
August 26
August 29
Transactions
Beginning
inventory
Sale ($210 each)
Purchase
Sale ($225 each)
Purchase
Sale ($235 each)
Purchase
Answer is not complete.
Ending inventory
Cost of goods sold
Units
8
5
10
8
10
11
11
S 1,915 X
Unit Cost
$157
147
137
127
$
Total Cost
1,256
1,470
$
I
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.
1,370
Required:
1. Calculate ending inventory and cost of goods sold at August 31, using the specific identification method.
1,397
5,493
Prey
1 2 3
5
of 5
‒‒‒
-
www
Score answer >](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F8df11482-5130-4c21-98bb-79b9e76a444a%2F50d98bd5-a73d-4b05-8b23-31630e704dc3%2Fwhq939j_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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.
Date
August 1
August 4
August 11
August 13
August 20
August 26
August 29
Transactions
Beginning
inventory
Sale ($210 each)
Purchase
Sale ($225 each)
Purchase
Sale ($235 each)
Purchase
Answer is not complete.
Ending inventory
Cost of goods sold
Units
8
5
10
8
10
11
11
S 1,915 X
Unit Cost
$157
147
137
127
$
Total Cost
1,256
1,470
$
I
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.
1,370
Required:
1. Calculate ending inventory and cost of goods sold at August 31, using the specific identification method.
1,397
5,493
Prey
1 2 3
5
of 5
‒‒‒
-
www
Score answer >
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