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 $145 $ inventory 1,160 August 4 Sale ($1$e each) 5 August 11 Purchase 10 135 1,350 August 13 Sale ($165 each) 8 August 20 Purchase 10 125 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. Required: 1. Calculate ending inventory and cost of goods sold at August 31, using the specific identification method. Ending inventory Cost of goods sold $ $ 1.940 3.2001 2. Using FIFO, calculate ending inventory and cost of goods sold at August 31. Ending inventory Cost of goods sold 3. Using LIFO. calculate ending inventory and cost of goods sold at August 31. Ending inventory Cost of goods sold 4. Using weighted-average cost, calculate ending inventory and cost of goods sold at August 31. (Round your Intermedlate and final answers to 2 decimal places.) Ending inventory Cost of goods sold 5. Calculate sales revenue and gross profit under each of the four methods. (Round welghted average cost amounts to 2 decimal places.) Specific Identification FIFO LIFO Weighted- average cost Sales revenue Cost of goods sold Gross profit 8. Comparing FIFO and LIFO, which one provides the more meaningful measure of ending inventory? Multiple Choice FIFO LIFO 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 Record the LIFO adjustment. Note: Enter debits before credits. Date General Journal Debit Credit August 31 Record entry Clear entry View general journal