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Nadal Athletic has the following transactions related to its Inventory for the month of August 2021 cost per Unit Units Total Cost $ 910 $150 5 Date August 1 August August 11 August 13 August 20 August 26 August 29 Transactions Beginning inventory Sale ($150 each) Purchase Sale ($168 each) Purchase Sale ($170 each) Purchase 120 1,089 9 M 12 10 14 110 1,320 100 1,200 34,510 Required: 1. Calculate ending inventory and cost of goods sold at August 31, 20211 using the specific identification method. The August 4 sa consists of units from beginning Inventory, the August 13 sale consists of units from the August 11 purchase, and the August 26 consists of two units from beginning Inventory and elghts 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 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 Nadal Athletic has the following transactions related to its inventory for the month of August 2021: Units cost per Unit $ 139 Total cost 918 15 9 129 1 080 Date August August August August 19 August 20 August 16 August Transactions Beginning inventory Sale ($ each urdhase Sale 160 each urchase sale (17) each Purchase 7 22 118 1928 10 12 12 1 00 le Requlred: 1. Calculate ending Inventory and cost of goods sold at August 31 2021, using the specific identification consists of units from beginning Inventory, the August B sale consists of units from the August 11 purch consists of two units from beginning inventory and elghts 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 1 Required 2 Required 3 Required 4 Required s Required 6 Required 7 Comparing FIFO and LIFO, which one provides the more meaningful measure of ending inventory? LIFO FIFO Nadal Athletic has the following transactions related to its inventory for the month of August 2021: 8 02:32.39 Units cost per Unit $130 Total Cost TO Date August 1 August August 11 August 13 August 20 August 26 August 29 Transactions Beginning inventory Sale $159 each) Purchase Sale ($150 each Purchase Sale ($170 each) Purchase 129 1,080 eBook 1 110 1,20 100 1,200 3,519 Required: 1. Calculate ending Inventory and cost of goods sold at August 31, 2021. using the specific Identification meth consists of units from beginning Inventory, the August 18 sale consists of units from the August 11 purchase. consists of two units from beginning inventory and elghts 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 alculate 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. 5. Complete this question by entering your answers in the tabs below. Required: 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, lif ad entry is required for a particula transaction event, select No dournal Entry Required in the first account field. View transaction list Journal entry worksheet 1 Record the LIFO adjusting entry. Note: Enter debits before credits