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.DateTransactionsUnitsUnit CostTotal CostBeginninginventorySale ($125 each)PurchaseSale ($140 each)PurchaseAugust 18$140$1,120August 4August 11August 13August 20August 26August 295101301,300101201, 200Sale ($150 each)Purchase11101101,100$44,720For 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.5. Calculate sales revenue and gross profit under each of the four methods. (Round weighted-average cost amounts to 2 decimalplaces.)SpecificIdentificationWeighted-average costFIFOLIFOSales revenueGross profit

Gross profit = Sales revenue - Cost of goods sold Weighted average cost = Total cost / Total number…

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 Transactions Units Unit Cost Total Cost Beginning inventory Sale ($125 each) August 1 8 $140 1,120 August 4 August 11 August 13 August 20 August 26 August 29 5 Purchase 10 130 1,300 Sale ($140 each) Purchase 8 10 120 1, 200 Sale ($150 each) Purchase 11 10 110 1,100 %24 4,720 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. 5. Calculate sales places.) and gross profit under each of the four methods. weighted-average cost amounts to 2 decimal Specific Identification Weighted- average cost FIFO LIFO Sales revenue Gross profit

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 Transactions Units Unit Cost Total Cost Beginning inventory Sale ($125 each) August 1 8 $140 1,120 August 4 August 11 August 13 August 20 August 26 August 29 5 Purchase 10 130 1,300 Sale ($140 each) Purchase 8 10 120 1, 200 Sale ($150 each) Purchase 11 10 110 1,100 %24 4,720 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. 5. Calculate sales places.) and gross profit under each of the four methods. weighted-average cost amounts to 2 decimal Specific Identification Weighted- average cost FIFO LIFO Sales revenue Gross profit

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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