For the specific identification method, the August 4 sale consists of rackets from inventorythe August 13 sale consists of rackets from the August 11 purchase, and the August 26 sale consists of one racket from inventory and 10 rackets from the August 20 purchase. Required: 1. Calculate ending inventory and cost of goods sold at August 31using the specific identification method. 2. Using FIFO, calculate ending inventory and cost of goods sold at August 31 3. Using LIFOcalculate 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 Billie's chooses to report inventory using LIFOrecord the LIFO adjustment

Complete this question by entering your answers in the tabs below. Calculate sales revenue and gross profit under each of the four methods. (Round weighted-average to 4 decimal places and final answers to 2 decimal places.) Complete this question by entering your answers in the tabs below. Calculate ending inventory and cost of goods sold at August 31, using the specific identification method. Complete this question by entering your answers in the tabs below. Using LIFO, calculate ending inventory and cost of goods sold at August 31. Problem 6-2B (Algo) Calculate ending Inventory, cost of goods sold, sales revenue, and gross profit for four Inventory methods (LO6-3, 6-4, 6-5) Billie's Tennis Shop has the following transactions related to its top-selling Wison tennis racket for the month of August. Billie's Tennis Shop uses a periodic inventory system. 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 Augist 20 purchase. Required: 1. Colculate ending inventory and cost of goods sold at August 3t, uting the specific identification method. 2. Uising FiFO. caiculate 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 welghted-averege cout, calculate ending inventory and cost of goods sold at August 31 5. Caiculate snest revenue and arosi profit uncer each of the four methods. a. Companing firF and Lifo, which onn provides the more meaningtul measure of ending inventory? 7. If Billie's shooses to repont imentory using LFO, record the Liro adjustment. Journal entry worksheet Note: Enter debits before credits. Complete this question by entering your answers in the tabs below. Using weighted-average cost, calculate ending inventory and cost of goods sold at August 31. (Rount calculations to 4 decimal places and final answers to 2 decimal places.) Complete this question by entering your answers in the tabs below. Using FIFO, calculate ending inventory and cost of goods sold at August 31