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6-2B Calculate ending inventory, cost of goods sold, sales revenue, and gross profit for four...

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Accounting

6-2B Calculate ending inventory, cost of goods sold, sales revenue, and gross profit for four inventory methods (LO6-3, 6-4, 6-5) Skip to question [The following information applies to the questions displayed below.] Petes Tennis Shop has the following transactions related to its top-selling Wilson tennis racket for the month of August. Petes Tennis Shop uses a periodic inventory system. Date Transactions Units Unit Cost Total Cost August 1 Beginning inventory 8 $ 147 $ 1,176 August 4 Sale ($160 each) 5 August 11 Purchase 10 137 1,370 August 13 Sale ($175 each) 8 August 20 Purchase 10 127 1,270 August 26 Sale ($185 each) 11 August 29 Purchase 11 117 1,287 $ 5,103 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. Problem 6-2B Part 2 2. Using FIFO, calculate ending inventory and cost of goods sold at August 31

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