Petes Tennis Shop has the following transactions related to its top-selling Wilson tennis racket for the month of August. Petes Tennis Shop uses a periodic inventory system

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.

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. (Round your intermediate and final answers to 2 decimal places.)

5. Calculate sales revenue and gross profit under each of the four methods. (Round weighted-average cost amounts to 2 decimal places.)

Total Cost Cost per Unit $160 Units Date $1,280 1,500 1,400 1,430 Transactions August 1 August 4 August 11 gust 13 August 20 Beginning inventory Sale ($225 each) Purchase Sale ($240 each) 150 10 Au 140 10 Purchase Au 130 t 26 Sale ($250 each) $5,610 August 29 Purchase