4 Richie's Tennis Shop has the following transactions related to its top-selling Wilson tennis racket for the month of August. Richie's Tennis Shop uses a periodic inventory system. Date August 1 August 4 August 11 August 13 August 20 August 26 August 29 Transactions Beginning inventory Sale ($205 each) Purchase Sale ($220 each) Purchase Sale ($230 each) Purchase Units 5 10 10 11 12 Required 1 Required 2 Ending inventory Cost of goods sold Unit Cost $156 146 136 126 For the specific identification method, the August 4 sale consists of rackets from beginning inventory, the August 13 sale consists rackets from the August 11 purchase, and the August 26 sale consists of one racket from beginning inventory and 10 rackets from 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. Total Cost $1,248 1,460 1,360 1,512 $5,580 6. Comparing FIFO and LIFO, which one provides the more meaningful measure of ending inventory? 7. If Richie's chooses to report inventory using LIFO, record the LIFO adjustment. Complete this question by entering your answers in the tabs below. 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.

Richie's Tennis Shop has the following transoctions related to he top-selling Wison tennis racket for the month of August. Richie'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 rackets from the August 11 purchase, and the August 26 sale consists of one racket from beginning inventory and 10 rackets from August 20 purchase. Required: 1. Calculate cnding 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 Richie's chooses to report inventory using LIFO, record the LIFO adjustment. Complete this question by entering your answers in the tabs below. Calculate ending inventory and cost of goods sold at August 31 , using the specific identification method