[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. Units Total Cost Unit Cost 14 7 8 $ Transactions Beginning inventory Sale ($160 each) 1,176 5 Purchase 10 13 7 1,370 Date Augus 1 t Augus 4 t Augus 11 t Augus 13 t Augus 20 t Augus 26 t Augus 29 t Sale ($175 each) 8 8 Purchase 10 12 7 1,270 Sale ($185 each) 11 11 Purchase 11 1,287 7 $ 5,103 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. Calculate ending inventory and cost of goods sold at August 31, using the specific identification method. Ending inventory Cost of goods sold 2. Using FIFO, calculate ending inventory and cost of goods sold at August 31. Ending inventory Cost of goods sold Using LIFO, calculate ending inventory and cost of goods sold at August 31. Ending inventory Cost of goods sold Using weighted average cost, calculate ending inventory and cost of goods sold at August 31. (Round your intermediate and final answers to 2 decimal places.) Ending inventory Cost of goods sold Calculate sales revenue and gross profit under each of the four methods. (Round weighted-average cost amounts to 2 decimal places.) FIFO LIFO Specific Identification Weighted-aver age cost Sales revenue Gross profit Comparing FIFO and LIFO, which one provides the more meaningful measure of ending inventory? FIFO or LIFO