Billies Tennis Shop has the following transactions related to its top-selling Wilson tennis racket for the month of August. Billies Tennis Shop uses a periodic inventory system.

Date	Transactions	Units	Unit Cost	Total Cost
August 1	Beginning inventory	8	$158	$1,264
August 4	Sale ($215 each)	5
August 11	Purchase	10	148	1,480
August 13	Sale ($230 each)	8
August 20	Purchase	10	138	1,380
August 26	Sale ($240 each)	11
August 29	Purchase	10	128	1,280
				$5,404

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 Billies chooses to report inventory using LIFO, record the LIFO adjustment.