P6-2B Pete's Tennis Shop has the following transactions related to its top-selling Wilson tennis Calc racket for the month of August: inver sold and Total Cost inve (LO Unit Cost Units Transactions Date $1,280 $160 8 August 1 August 4 Beginning inventory Sale ($225 each) 5 1,500 150 10 Purchase August 11 August 13 August 20 August 26 August 29 8 Sale ($240 each) 140 1,400 10 Purchase Sale ($250 each) 1.430 130 Purchase $5.610 Required 1. Calculate ending inventory and cost of goods sold at August 31, using 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 August 20 purchase. 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? Explain. 7. If Pete's chooses to report inventory using LIFO, record the LIFO adjustment