TOTIS entory hth of August 2021. Total Cost $ 910 Date August 1 August 4 August 11 August 13 August 20 August 26 August 29 Transactions Beginning inventory Sale ($150 each) Purchase Sale ($160 each) Purchase Sale ($170 each) Purchase Cost per Units Unit 7 $130 5 9 120 7 12 110 10 1,089 1,320 12 100 1,200 $4,510 Required: 1. Calculate ending inventory and cost of goods sold at August 31, 2021, using the specific identification method. The August 4 sal consists of units from beginning inventory, the August 13 sale consists of units from the August 11 purchase, and the August 26 s consists of two units from beginning inventory and eights units from the August 20 purchase. 2. Using FIFO, calculate ending inventory and cost of goods sold at August 31, 2021 3. Using LIFO, calculate ending inventory and cost of goods sold at August 31, 2021 4. Using weighted average cost calculate ending inventory and cost of goods sold at August 31, 2021. 5. Calculate sales revenue and gross profit under each of the four methods 6. Comparing FIFO and LIFO, which one provides the more meaningful measure of ending invertory? 7. If Nadal chooses to report inventory using LIFO, record the LIFO adjusting entry Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Calculate ending inventory and cost of goods sold at August 31, 2021, using the specific identification method. The August 4 sale consists of units from beginning inventory, the August 13 sale consists units from the August 11 purchase, and the August 26 sale consists of two units from beginning inventory and eights units from the August 20 purchase. Ending inventory Cost of goods sold Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Using FIFO, calculate ending inventory and cost of goods sold at August 31, 2021. Ending inventory Cost of goods sold ng your answers in the tabs below. Required 1 Required 2. Required 3 Required 4 Required 5 Required 6 Required Using LIFO, calculate ending inventory and cost of goods sold at August 31, 2021. Ending inventory Cost of goods sold Required 2 Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Using weighted average cost, calculate ending inventory and cost of goods sold at August 31, 2021. (Round your intermediate calculations and final answers to 2 decimal places.) Ending inventory Cost of goods sold djusting entry Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Calculate sales revenue and gross profit under each of the four methods. (Round your intermediate calculations and final answers to 2 decimal places.) Specific Identification FIFO LIFO Weighted average cost Sales revenue Gross profit Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Comparing FIFO and LIFO, which one provides the more meaningful measure of ending inventory? OLIFO OFIFO Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 If Nadal chooses to report inventory using LiFo, record the LIFO adjusting entry. (If no entry is required for a particular transaction event, select "No Journal Entry Required in the first account field.) View transaction list Journal entry worksheet 1 Record the LIFO adjusting entry