NEED HELP WITH HOMEWORK IN GREEN # 1 & 2

All rights reserved: Dr. Robert R. McWhorter Financial Accounting: Chapters 6 and 8 13 **HOMEWORK ASSIGNMENT*** HW : Texas Tennis Inc. carries an inventory of tennis rackets and related tennis products. The sales priss ef rach racket is $140. Company records indicate the following activity for a particular line of rackets. Date May 1 May 6 May 8 May 17 May 29 Item Balance Sale on account Purchase Sale on account Sale on account QuantityUnit Cost 20 $ 80 S 86 15 15 Part 1 . Prepare a perpetual inventory record for the rackets using the FIFO costing system. Then identify the cost of the ending inventory and cost of goods sold for the month. Purchases t of Goods Inventory Balance Date Quantity Unit Total QuantityUnit Total Quantity Unit Total Cost Cost Cost Cost ost $86 $ 946 MAY 80 86 344 Totals (concept check: Beg. Bal+Total Purchases- Cost of Goods Sold - Ending Inventory) The cost of the ending inventory balance using the FIFO method is $ 1. The cost of goods sold for the month using the FIFO method is S 2 Journalize the transactions using the FIFO system. (assume the purchase and sales are made on account) Record the sale of the tennis rackets on account on the 6 2. General Journal 9 units Account Name Deb bit Credit soldx Accounts Receivable Sales Revenue $140 sales price Record the cost of the rackets sold on the 6 General Jourmalehi Account Name Merchandise Inventory