Question

In: Accounting

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

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 Transactions Units Unit Cost Total Cost
August 1 Beginning inventory 8 $ 152 $ 1,216
August 4 Sale ($185 each) 5
August 11 Purchase 10 142 1,420
August 13 Sale ($200 each) 8
August 20 Purchase 10 132 1,320
August 26 Sale ($210 each) 11
August 29 Purchase 10 122 1,220
$ 5,176

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.

Solutions

Expert Solution

In case of any doubts or Issues, please comment below


Related Solutions

Required information Problem 6-2B Calculate ending inventory, cost of goods sold, sales revenue, and gross profit...
Required information 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 Transactions Units Unit Cost Total Cost August 1 Beginning inventory 8 $ 156 $ 1,248 August 4 Sale ($205 each)...
Required information Problem 6-2B Calculate ending inventory, cost of goods sold, sales revenue, and gross profit...
Required information 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 Transactions Units Unit Cost Total Cost August 1 Beginning inventory 8 $ 152 $ 1,216 August 4 Sale ($185 each)...
Problem 6-2A Calculate ending inventory, cost of goods sold, sales revenue, and gross profit for four...
Problem 6-2A 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.] Greg’s Bicycle Shop has the following transactions related to its top-selling Mongoose mountain bike for the month of March. Greg's Bicycle Shop uses a periodic inventory system. Date Transactions Units Unit Cost Total Cost March 1 Beginning inventory 20 $ 250 $ 5,000 March 5 Sale ($400 each) 15 March...
Problem 6-2A Calculate ending inventory, cost of goods sold, sales revenue, and gross profit for four...
Problem 6-2A 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.] Greg’s Bicycle Shop has the following transactions related to its top-selling Mongoose mountain bike for the month of March. Greg's Bicycle Shop uses a periodic inventory system. Date Transactions Units Unit Cost Total Cost March 1 Beginning Inventory 20 $215 $4,300 March 5 Sale ($330 each) 15 March 9 Purchase 10...
Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit.
Exercise 6-4A Calculate inventory amounts when costs are rising (LO6-3)During the year, TRC Corporation has the following inventory transactions.DateTransactionNumber of UnitsUnit CostTotal CostJan.1Beginning inventory52$44$2,288Apr.7Purchase132466,072Jul.16Purchase202499,898Oct.6Purchase112505,600498$23,858For the entire year, the company sells 432 units of inventory for $62 each.Exercise 6-4A Part 22. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit.
1. Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit.
During the year, TRC Corporation has the following inventory transactions. Date Transaction Number of Units Unit Cost Total Cost Jan. 1 Beginning inventory 60 $ 52 $ 3,120 Apr. 7 Purchase 140 54 7,560 Jul. 16 Purchase 210 57 11,970 Oct. 6 Purchase 120 58 6,960 530 $ 29,610 For the entire year, the company sells 450 units of inventory for $70 each.   1. Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. 2. Using...
Compute ending inventory, cost of goods sold, and gross profit.
My question: Assume the company uses three inventory pools instead of one. Compute ending inventory, cost of goods sold, and gross profit. (Round price index to 2 decimal places, e.g. 1.45 and final answers to 0 decimal places, e.g. 6,548.)   William’s Televisions produces television sets in three categories: portable, midsize, and flat-screen. On January 1, 2020, William adopted dollar-value LIFO and decided to use a single inventory pool. The company’s January 1 inventory consists of: Category   Quantity  ...
alculating Gross Profit and Inventory Turnover The following table presents sales revenue, cost of goods sold,...
alculating Gross Profit and Inventory Turnover The following table presents sales revenue, cost of goods sold, and inventory amounts for three computer/electronics companies, Dell Inc., Hewlett-Packard Company, and Apple Inc. $ millions Fiscal year ending Samsung Electronics Co. Ltd. (S. Korean won) Dec. 31, 2014 Dec. 31, 2013 Dec. 31, 2012 Revenues 203,205,987 225,692,667 198,103,613 Cost of goods sold 126,278,800 135,696,309 124,651,931 Inventory 15,817,504 17,634,868 16,247,413 Hewlett-Packard Company (US dollar) Oct. 31, 2014 Oct. 31, 2013 Oct. 31, 2012 Revenues...
Henderson Company uses the gross profit method to estimate ending inventory and cost of goods sold...
Henderson Company uses the gross profit method to estimate ending inventory and cost of goods sold when preparing monthly financial statements required by its bank. Inventory on hand at the end of July was $125,000. The following information for the month of August was available from company records: Purchases $ 224,000 Freight-in 5,700 Sales 355,000 Sales returns 9,500 Purchases returns 4,800 In addition, the controller is aware of $12,000 of inventory that was stolen during August from one of the...
Henderson Company uses the gross profit method to estimate ending inventory and cost of goods sold...
Henderson Company uses the gross profit method to estimate ending inventory and cost of goods sold when preparing monthly financial statements required by its bank. Inventory on hand at the end of July was $122,000. The following information for the month of August was available from company records: Purchases $ 218,000 Freight-in 5,100 Sales 349,000 Sales returns 8,900 Purchases returns 4,200 In addition, the controller is aware of $12,000 of inventory that was stolen during August from one of the...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT