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.

Date Transactions Units Unit Cost Total Cost

August $1$ Beginning inventory $8$ $$140$ $$1,120$

August $4$ Sale $($$$125$ each$)5$

August $11$ Purchase $101301,300$

August $13$ Sale $($$$140$ each$)8$

August $20$ Purchase $101201,200$

August $26$ Sale $($$$150$ each$)11$

August $29$ Purchase $101101,100$

$$4,720$

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.