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 Units Unit Cost $158 Total Cost $ 1,264 August 1 Transactions Beginning inventory Sale ($215 each) Purchase Sale ($ 230 each) Purchase Sale ($ 240 each) Purchase 10 148 August 4 August 11 August 13 August 20 August 26 August 29 1,480 10 138 1,380 128 1,280 5,404 $ 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. 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. Date General Journal Debit Credit August 31