Pete's Tennis Shop has the following transactions related to its top-selling Wilson tennis racket for the month of August. Pete's Tennis Shop uses a periodic inventory system Units Cost per Unit $148 Total Cost $ 1,184 8 138 1,380 Date August 1 August 4 August 11 August 13 August 20 August 26 August 29 Transactions Beginning inventory Sale ($165 each) Purchase Sale ($180 each) Purchase Sale ($190 each) Purchase 5 10 8 10 11 12 128 1.280 118 1,416 $ 5,260 For 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. Required: 1. Calculate ending inventory and cost of goods sold at August 31, using the specific identification method. Ending inventory Cost of goods sold 2. Using FIFO, calculate ending inventory and cost of goods sold at August 31. Ending inventory Cost of goods sold 3. Using LIFO, calculate ending inventory and cost of goods sold at August 31. Ending inventory Cost of goods sold 4. Using weighted average cost, calculate ending inventory and cost of goods sold at August 31. (Round your intermediate and final answers to 2 decimal places.) Ending inventory Cost of goods sold Required information 6. Comparing FIFO and LIFO, which one provides the more meaningful measure of ending inventory? LIFO FIFO 5. Calculate sales revenue and gross profit under each of the four methods. (Round weighted-average cost amounts to 2 decimal places.) Specific Identification FIFO LIFO Weighted- average cost Sales revenue Gross profit 7. If Pete's chooses to report inventory using LIFO, record the LIFO adjustment (If no entry is required for a transaction/event, seleci "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 > Record the LIFO adjustment. Note: Enter debits before credits. General Journal Debit Credit Date August 31 Record entry Clear entry View general journal