! 14 Required information Problem 6-2B Calculate ending inventory, cost of goods sold, sales revenue, and gross profit for four inventory methods (L06-3, 6-4, 6-5) The following information applies to the questions displayed below) Pete's Tennis Shop has the following transactions related to its top-seling Wilson tennis racket for the month of August. Pete's Tennis Shop uses a periodic inventory system. Date Transactions Units Unit Cont Total Cost August 1 Beginning Inventory $143 1,144 August 4 Sale ($140 each) August 11 Purchase August 13 Sale ($155 ench) August 20 Purchase 10 August 26 Sale (5165 each) August 29 Purchase 10 1) 110 4,834 8 $ 133 10 8 123 1,230 11 113 $ 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. Problem 6-2B Part 7 7. If Pete's chooses to report inventory using LIFO, record the LIFO adjustment (If no entry is required for a transaction/event, select