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 $8$ $$146$ $$1,168$

August $4$ Sale $($$$155$ each$).5$

August $11$ Purchase $101361,360$

August $13$ Sale $($$$170$ each$).8$

August $20$ Purchase $101261,260$

August $26$ Sale $($$$180$ each$)11$

August $29$ Purchase $101161,160$

$$4,948$

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.