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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)

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Petes Tennis Shop has the following transactions related to its top-selling Wilson tennis racket for the month of August. Petes Tennis Shop uses a periodic inventory system.

Date			Transactions	Units	Unit Cost					Total Cost
August	1		Beginning inventory	8		$	144				$	1,152
August	4		Sale ($145 each)	5
August	11		Purchase	10			134					1,340
August	13		Sale ($160 each)	8
August	20		Purchase	10			124					1,240
August	26		Sale ($170 each)	11
August	29		Purchase	11			114					1,254
											$	4,986

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.

1. 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.)

2. Calculate sales revenue and gross profit under each of the four methods. (Round weighted-average cost amounts to 2 decimal places.)

3. If Petes 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.)

• Record the LIFO adjustment.
• August 31

SHOW ALL WORK AND HOW YOU GOT THE NUMBERS.