Nadal Athletic uses a periodic inventory system and has the following transactions related to its inventory for the month of August 2024:

Date	Transactions	Units	Unit Cost	Total Cost
August 1	Beginning inventory	8	$148	$1,184
August 4	Sale ($165 each)	5
August 11	Purchase	10	138	1,380
August 13	Sale ($180 each)	8
August 20	Purchase	10	128	1,280
August 26	Sale ($190 each)	11
August 29	Purchase	12	118	1,416
				$5,260

For 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 one unit from beginning inventory and 10 units 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 Nadal chooses to report inventory using LIFO, record the LIFO adjustment.