Required information [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 Transactions Units Unit Cost Total Cost August 1 Beginning inventory $145 $ 1,160 August 4 Sale ($150 each) 5 August 11 Purchase 10 135 1,350 August 13 Sale ($165 each) 8 August 20 Purchase 10 1,250 August 26 Sale ($175 each) 11 August 29 Purchase 12 115 1,380 $ 5,140 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 ist Journal entry worksheet 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