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 tennisracket for the month of August. Pete's Tennis Shop uses a periodic inventory system.DateAugust 1August 4August 11August 13August 20August 26August 29TransactionsBeginninginventorySale ($165each)PurchaseSale ($180each)PurchaseSale ($190each)PurchaseEnding inventoryCost of goods soldUnits85108101112Unit Cost Total Cost$1481,184138128118$$1,3801,2801,4165,260For the specific identification method, the August 4 sale consists of rackets frombeginning 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 racketsfrom the August 20 purchase.Required:1. Calculate ending inventory and cost of goods sold at August 31, using the specific identificationmethod.

The inventory can be valued using various methods as FIFO, LIFO and average method. Using FIFO, the…

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.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 3PA: Review the following transactions, and prepare any necessary journal entries for Renovation Goods....

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