Nadal Athletic has the following transactions related to its inventory for the month of August 2021 Cost per Total Date Transactions Units Unit Cost August 1 Beginning inventory 2 $130 $ 910 August 4 Sale ($150 each) 5 August 11 Purchase 9 120 1,080 August 13 Sale ($160 each) 7 August 201 Purchase August 26 August 29 Sale ($170 each) Purchase 222 12 110 1,320 10 12 100 1,2001 $4,510 Required: 1. Calculate ending inventory and cost of goods sold at August 31, 2021, using the specific identification method. The August 4 sale consists of units from beginning inventory, the August 13 sale consists of units from the August 11 purchase, and the August 26 sale consists of two units from beginning inventory and eights units from the August 20 purchase. 2. Using FIFO, calculate ending inventory and cost of goods sold at August 31, 2021. 3. Using LIFO, calculate ending inventory and cost of goods sold at August 31, 2021. 4. Using weighted-average cost, calculate ending inventory and cost of goods sold at August 31, 2021 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 Nadal chooses to report inventory using LIFO, record the LIFO adjusting entry Complete this question by entering your answers in the tabs below. Required 11 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Calculate ending inventory and cost of goods sold at August 31, 2021, using the specific identification method. The August 4 sale consists of units from beginning inventory, the August 13 sale consists of units from the August 11 purchase, and the August 26 sale consists of two units from beginning inventory and eights units from the August 20 purchase. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Calculate ending inventory and cost of goods sold at August 31, 2021, using the specific identification method. The August 4 sale consists of units from beginning inventory, the August 13 sale consists of units from the August 11 purchase, and the August 26 sale consists of two units from beginning inventory and eights units from the August 20 purchase. Ending inventory Cost of goods sold Requir Required 2 > Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Using FIFO, calculate ending inventory and cost of goods sold at August 31, 2021. Ending inventory Cost of goods sold < Required 1 Required 3 > Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required S Required 6 Required 7 Required 3 Using LIFO, calculate ending inventory and cost of goods sold at August 31, 2021. Ending inventory Cost of goods sold Required 2 Required 4 > Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Using weighted-average cost, calculate ending inventory and cost of goods sold at August 31, 2021. (Round your intermediate calculations and final answers to 2 decimal places.) Ending inventory Cost of goods sold < Required 3 Required 5 > Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Calculate sales revenue and gross profit under each of the four methods. (Round your intermediate calculations and final answers to 2 decimal places.) Specific Identification FIFO LIFO Weighted. average cost Sales revenue Gross profit < Required 4 Required 6 > meaningful measure of ending inventory? 7. If Nadal chooses to report inventory using LIFO, record the LIFO adjusting entry. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Comparing FIFO and LIFO, which one provides the more meaningful measure of ending inventory? OLIFO OFIFO < Required 5 Required 7 > 1 Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 If Nadal chooses to report inventory using LIFO, record the LIFO adjusting entry. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) Book View transaction list Journal entry worksheet 1 Record the LIFO adjusting entry. Note: Enter debits before credits Transaction 1 General Journal Debit Credit Record entry Clear entry View general journal < Required 6 Required>