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. Date August 1 Transactions Units Unit Cost Total Cost Beginning inventory 8 $154 $ 1,232 August 41 Sale ($195 each) 5 August 11 Purchase 10 144 1,440 August 13 Sale ($210 each) 8 August 20 Purchase 10 134 1,340 August 26 August 29 Sale ($220 each) Purchase 11 11 124 1,364 $ 5,376 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. 7. If Pete's chooses to report inventory using LIFO, record the LIFO adjustment. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet < 1