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Problem 6-2B Calculate ending inventory, cost of goods sold, sales revenue, and gross profit for four inventory methods (LO6-3, 6-4, 6-5)
[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.
Problem 6-2B Calculate ending inventory, cost of goods sold, sales revenue, and gross profit for four inventory methods (LO6-3, 6-4, 6-5) (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 Units Unit Cost $159 Total Cost $ 1,272 August 1 Transactions Beginning inventory Sale ($220 each) Purchase Sale $235 each) Purchase Sale $245 each) Purchase 10 149 August 4 August11 August 13 August 20 August 26 August 29 1,490 10 139 1,390 129 1,548 5,700 $ For the specific identification method, the August 4 sale consists of rackets from beginning inventory, the August 13 sale 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 7 7. If Pete's chooses to report inventory using LIFO, record the LIFO adjustment. (If no entry is required for a transaction/event, select “No Journal Entry Required” in the first account field.) % Answer is not complete. No Dat General Journal Debit Credit Date August 31 Inventory Retained Earnings

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