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Required Information [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. Unito B Unit Coat $151 Total Coat $ 1,208 Date August 1 August 4 August 11 August 13 August 20 August 26 August 29 Transactions Beginning inventory Sale $180 each Purchase Bale (8199 em ch) Purchase Sale ($205 each) Purchase 141 1.410 5 10 8 10 11 11 131 2.310 121 1.333 5,259 $ 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. 5. Calculate sales revenue and gross profit under each of the four methods. (Round weighted-average cost amounts to 2 decimal places.) Specific Identification FIFO LIFO Weighted- average cost Sales revenue Cost of goods sold Gross profit [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. Unit Cont 5151 Total cost $ 1,208 141 Units 8 5 10 8 10 11 11 Date August 1 August 4 August 11 August 13 August 20 August 26 August 29 1,410 Transactions Beginning inventory Sale ($180 each) Purchase Sale ($195 each) Purchase Sale ($205 each) Purchase 131 1,310 121 1,331 5,259 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. 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.) View transaction list Journal entry worksheet