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 acket 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 ($165 each) Purchase Sale ($180 each) Purchase Sale ($190 each) Purchase Units 8 5 10 8 10 11 12 Unit Cost Total Cost $148 138 128 118 $ 1,184 1,380 1,280 1,416 $ 5,260 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 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 acket 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 ($165 each) Purchase Sale ($180 each) Purchase Sale ($190 each) Purchase Units 8 5 10 8 10 11 12 Unit Cost Total Cost $148 138 128 118 $ 1,184 1,380 1,280 1,416 $ 5,260 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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
![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 ($165
each)
Purchase
Sale ($180
each)
Purchase
Sale ($190
each)
Purchase
Ending inventory
Cost of goods sold
Units
8
5
10
8
10
11
12
Unit Cost Total Cost
$148
1,184
138
128
118
$
$
1,380
1,280
1,416
5,260
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.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F0e87e191-273b-4430-9665-0115d53e354e%2F85482090-0e2c-490b-9660-b220884798da%2F3jgbgem_processed.png&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 ($165
each)
Purchase
Sale ($180
each)
Purchase
Sale ($190
each)
Purchase
Ending inventory
Cost of goods sold
Units
8
5
10
8
10
11
12
Unit Cost Total Cost
$148
1,184
138
128
118
$
$
1,380
1,280
1,416
5,260
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.
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