Item2

5points

eBook

Print

References

Check my workCheck My Work button is now enabled1

Item 2

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.