2 four inventory methods (LO6-3, 6-4, 6-5) 3 points Date August 1 Units 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. Transactions Beginning inventory 8 Unit Cost $157 Total Cost $1,256 Skipped August 4 Sale ($210 each) 5 August 11 Purchase 10 147 1,470 August 13 Sale ($225 each) 8 August 20 Purchase 10 137 1,370 August 26 Sale ($235 each) 11 August 29 Purchase 11 127 1,397 eBook $5,493 Print References Mc Graw 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 measure of ending inventory? 7. If Bobby's chooses to report inventory using LIFO, record the LIFO adjustment. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Calculate ending inventory and cost of goods sold at August 31, using the specific identification method. Ending inventory Cost of goods sold < Required 1 Required 2 > Prov 2 of 5 Novt Check my w