Question

i have a couple of these to do. your work is very helpful thank you.

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 Au Pete's Tennis Shop uses a periodic inventory system. Units Unit Cost $156 Total Cost $ 1,248 Date Transactions August 1 Beginning inventory August 4 Sale ($205 each) August 11 Purchase August 13. Sale ($220 each) August 20 Purchase August 26 Sale ($230 each) August 29 Purchase 146 1,460 1,360 126 1,512 5,580 $ For the specific identification method, the August 4 sale consists of rackets from beginning inventory, the August 13 consists of rackets from the August 11 purchase, and the August 26 sale consists of one racket from beginning inven and 10 rackets from the August 20 purchase. Problem 6-2B Part 1 Required: 1. Calculate ending inventory and cost of goods sold at August 31, using the specific identification method. Ending inventory Cost of goods sold

Answer 1

Units Units Date Aug. 01 Aug. 11 Aug. 20 Aug. 29 Beginning balance & Purchases Units Rate Amount $156 $1,248 $146 $1,460 $136 $1,360 $126 $1,512 $5,580 Cost of Goods Sold Units Rate Amount 5 $156 $780 8 $146 $1,168 10 $136 $1,360 $0 $3,308 Cost of Goods Sold Rate Amount $156 $156 $146 $136 $126 $156 Ending Inventory Rate $156 $146 $136 $126 $0 Oo oo Amount $312 $292 $0 $1,512 $2,116 $0 $0 Therefore, Ending Inventory as at August 31 Cost of Goods Sold for August $2,116 $3,464 [$3308 + $156]