Check m 2 Part 2 of 6 9.09 points Skipped Required information Problem 6-2B Calculate ending inventory, cost of goods sold, sales revenue, and gross profit for four Inventory methods (LO6-3, 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, Date Transactions Unit Cont Total Cont August 1 Beginning $151 Inventory $ 1,208 August 4 Sale (5180 each) 5 August 11 Parchase 10 141 1,410 August 13 Sale $195 each) 3 August 20 Purchase 10 131 1,310 August 26 Sale (6205 each) 11 August 29 Purchase 11 121 1,333 55,259 References 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 2 Problem 6-2B Part 2 2. Using FIFO, calculate ending inventory and cost of goods sold at August 31. Ending inventory Cost of goods sold Problem 6-2B Part 3 3. Using LIFO, calculate ending inventory and cost of goods sold at August 31. Ending inventory Cost of goods sold 4. Using weighted average cost, calculate ending inventory and cost of goods sold at August 31. (Round your intermediate and final answers to 2 decimal places.) Ending inventory Cost of goods sold Problem 6-2B Part 5 5. Calculate sales revenue and gross profit under each of the four methods. (Round weighted average cost amounts to 2 decimal places.) Specific Identification FIFO LIFO Weighted average cost Sales revenue Gross profit Problem 6-2B Part 6 6. Comparing FIFO and LIFO, which one provides the more meaningful measure of ending inventory? Multiple Choice LIFO FIFO