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Billies Tennis Shop has the following transactions related to its top-selling Wilson tennis racket for the month of August. Billies Tennis Shop uses a periodic inventory system.
Date
Transactions
Units
Unit Cost
Total Cost
August 1
Beginning inventory
8
$142
$1,136
August 4
Sale ($135 each)
5
August 11
Purchase
10
132
1,320
August 13
Sale ($150 each)
8
August 20
Purchase
10
122
1,220
August 26
Sale ($160 each)
11
August 29
Purchase
12
112
1,344
$5,020
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.
Calculate ending inventory and cost of goods sold at August 31, using the specific identification method.
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