record the LIFO adjustment

Ine TONOWY WUNDUNT UPP 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 Date August 1 Unit Cost $147 Total Cost $ 1,176 137 1,370 August 4 August 11 August 13 August 20 August 26 August 29 Transactions Beginning inventory Sale ($160 each) Purchase Sale ($175 each) Purchase Sale ($185 each) Purchase 127 1,270 217 1,287 5.103 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. Problem 6-2B Part 7 7. 1 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 Record the LIFO adjustment. Note: Enter debits before credits Date General Journal Debit Credit August 31 Record entry Clear entry View general journal