Required information Problem 6-2B Calculate ending inventory, cost of goods sold, sales revenue, and gross profit for four inventory methods (L06-3, 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 Transactions Units Unit Cost Total Cost Beginning August 1 Inventory $150 August 4 Sale ($175 each) August 11 Purchase 10 August 13 Sale ($190 each) August 20 August 26 Sale ($200 each) August 29 Purchase Date 8 $ 1,200 5 140 1,400 Purchase 130 1,300 10 11 12 120 1.440 5.340 $ For the specific identification method, 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 5 5. Calculate sales revenue and gross profit under each of the four methods. (Round weighted-average cost amounts to 2 decimal places) Spocit FIRO LIFO Welped Group 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. 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 Record the LIFO adjustment. Note: Enter debits before credits General Journal Dobit Credit August 31 Recently Clear entry View general journal