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 Beginning August 1 inventory $156 $ 1,248 August 41 Sale ($205 each) 5 August 11 Purchase 10 146 1,460 August 13 Sale ($220 each) 8 August 201 Purchase 10 136 1,360 August 26 August 29 Sale ($230 each) Purchase 11 12 126 1,512 $ 5,580 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. Required: 1. Calculate ending inventory and cost of goods sold at August 31, using the specific identification method.