Date Transactions Unita Unit Cont Total Cost August 1 Beginning inventory B $159 $1,272 August 4 Sale ($220 each) 5. August 11 Purchase 10 149 1,490 August 13 Sale ($235 each) B August 201 August 26 Purchase 10 139 1,3901 August 29 Sale ($245 each) Purchase 11 12 129 1,548 $5,700 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 Richie's chooses to report inventory using LIFO, record the LIFO adjustment. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 31 Required 5 Required 4 Required 6 Required 7 Using weighted-average cost, calculate ending inventory and cost of goods sold at August 31. (Round your intermediate calculations to 4 decimal places and final answers to 2 decimal places.) Ending inventory Cost of goods sold