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Problem 6-2B (Algo) Calculate ending inventory, cost of goods sold, sales revenue, and gross profit for four inventory methods (LO6-3, 6-4, 6-5) Bobby's Tennis Shop has the following transactions related to its top-selling Wilson tennis racket for the month of August. Bobby's Tennis Shop uses a periodic inventory system. 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. Required: 1. Calculate ending inventory and cost of goods sold at August 31, using the specific identification method. 2. Using FIFO, calculate ending inventory and cost of goods sold at August 31 . 3. Using LIFO, calculate ending inventory and cost of goods sold at August 31 . 4. Using weighted-average cost, calculate ending inventory and cost of goods sold at August 31. 5. Calculate sales revenue and gross profit under each of the four methods. 6. Comparing FIFO and LIFO, which one provides the more meaningful meas ure of ending inventory? 7. If Bobby's chooses to report inventory using LIFO, record the LIFO adjustnent. Problem 6-3B (Algo) Record transactions and prepare a partial income statement using a perpetual inventory system (LO6-2, 6-5) At the beginning of June, Circuit Country has a balance in inventory of $2,200. The following transactions occur during the month of June. June 2 Purchase radios on account from Radio World for $1,900, terms 1/15,n/45. June 4 Pay cash for freight charges related to the June 2 purchase from Radio World, 5240. June 8 Return defective radios to Radio World and receive credit, $480. June 10 Pay Radio World in full. June 11 Sell radios to customers on account, $3,400, that had a cost of $2,408. June 18 Receive payment on account from customers, $2,400. June 20 Purchase radios on account from Sound Unlimited for $3,060, terms 3/10,n/30. June 23 Sell radios to customers for cash, $4,500, that had a cost of $2,800. June 26 Return damaged radios to Sound Untimited and receive credit of $500. June 28 Pay Sound Untimited in full. Required: 1. Assuming that Circuit Country uses a perpetual inventory system, record the transactions. 2. Prepare the top section of the multiple-step income statement through gross profit for the month of June

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