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 August 1 Transactions Beginning Units Unit Cost Total Cost 8 $140 inventory $ 1,120 August 4 Sale ($125 each) 5 August 11 Purchase 10 130 1,300 August 13 Sale ($140 each) 8 August 20 Purchase 10 120 1,200 August 26 August 29 Sale ($150 each) Purchase 11 10 110 1,100 $ 4,720 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. Ending inventory Cost of goods sold