Required information Problem 6-2B Calculate ending inventory, cost of goods sold, sales revenue, and gross profit for four inventory methods (LO6-3, 6-4, 6-5) [The following information applies to the questions displayed below.) 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 Unit Cost $154 Total Cost $ 1,232 August 1 144 Transactions Units Beginning 8 inventory Sale ($195 5 each) Purchase 10 Sale ($210 8 each) Purchase 10 Sale ($220 11 each) Purchase 11 August 4 August 11 August 13 August 20 August 26 August 29 1,440 134 1,340 124 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. Problem 6-2B Part 1 Required: 1. Calculate ending inventory and cost of goods sold at August 31, using the specific identification method. X Answer is complete but not t. $ 5,376x Ending inventory Cost of goods sold $ 5,376 Problem 6-2B Part 2 2. Using FIFO, calculate ending inventory and cost of goods sold at August 31. Ending inventory Cost of goods sold Problem 6-2B Part 7 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.) Answer is complete but not entirely correct. No Date General Journal Debit Credit 1 August 31 Inventory 2,240% Cost of Goods Sold 1,900X