7 Required information Problem 6-2B Calculate ending inventory, cost of goods sold, sales revenue, and gross profit for four inventory methods (L06-3, 6-4, 6-5) [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. of 7 Date Units B Unit Cost $144 Total Cost $ 1,152 August 1 5 10 134 1,340 Transactions Beginning inventory Sale $145 each) Purchase Sale ($160 each) Purchase Sale ($170 each) Purchase August 4 August 11 August 13 August 20 August 26 August 29 8 10 124 1,240 11 11 114 1,254 4,986 $ 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. Problem 6-2B Part 7 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.) Answer is complete but not entirely correct. Credit No General Journal Date August 81 Debit 70 1 Inventory Cost of Goods Sold 2,806