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 8 $143 $ 1,144 inventory August 4 Sale ($140 each) 5 August 11 Purchase 10 133 1,330 August 13 Sale ($155 each) 8 August 20 Purchase 10 123 1,230 August 261 August 29 Sale ($165 each) Purchase 11 10 113 1,130 4,834 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 < 1 Record the LIFO adjustment. Note: Enter debits before credits. Date General Journal Debit Credit 80 August 31 Inventory Cost of Goods Sold 80 August 26 Sale ($165 each) August 29 Purchase 11 10 113 1,130 4,834 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. 2. Using FIFO, calculate ending inventory and cost of goods sold at August 31. Ending inventory $ 1,745 Cost of goods sold $ 3,222 standardized (2).xlsx < Prev 2 3 of 3 Next > Print ferences consists of rackets from the August 11 purchase, and the August 26 sale consists of one racket from beg and 10 rackets from the August 20 purchase. 3. Using LIFO, calculate ending inventory and cost of goods sold at August 31. Ending inventory $ 1,825 Cost of goods sold $ 3,124