Pete's Tennis Shop uses a periodic inventory system. Unit Date Transactions Units Cost Total Cost August 1 Beginning inventory 8 $160 $1,280 August 4 Sale ($225 each) 5 August 11 Purchase 10 150 1,500 August 13 Sale ($240 each) 8 August 201 Purchase 10 140 1,400 August 26 August 29 Sale ($250 each) Purchase 11 11 130 1,430 $5,610 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 Pete's Tennis Shop uses a periodic inventory system. Unit Date: Transactions Units Cost Total Cost August 1 Beginning inventory B $160 $1,280 August 4 Sale ($225 each) 5 August 11 Purchase 10 150. 1,500 August 13 Sale ($240 each) 8 August 20 Purchase 10 140 1,400 August 26 August 29 Sale ($250 each) Purchase 11 11 130 1,430 $5,610 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. 2. Using FIFO, calculate ending inventory and cost of goods sold at August 31. Ending inventory Cost of goods sold Unit Date Transactions Units Cost Total Cost August 1 Beginning inventory. 8 $160 $1,280 August 4 Sale ($225 each) 5 August 11 Purchase 10 150 1,500 August 13 Sale ($240 each) 8 August 201 Purchase 10 140 1,400 August 26 August 29 Sale ($250 each) Purchase 11 11 130 1,430 $5,610 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. 3. Using LIFO, calculate ending inventory and cost of goods sold at August 31. Ending inventory Cost of goods sold Unit Date: Transactions Units Cost August 1 Beginning inventory 8 $160 Total Cost $1,280 August 41 Sale ($225 each) 5 August 11 Purchase 10 150 1,500 August 13 Sale ($240 each) 8 August 20 Purchase 10 140 1,400 August 26 August 29 Sale ($250 each) Purchase 11 11 130 1,430 $5,610 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. 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