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-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 inventory 8 $159 $ 1,272 August 4 Sale $220 each) 5 August 11 Purchase 149 1,490 August 13 Sale ($235 each) August 20 Purchase 139 1,390 August 26 Sale ($245 each) August 29 Purchase 129 1,548 5,700 10 8 10 11 12 $ 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 1 Required: 1. Calculate ending inventory and cost of goods sold at August 31, using the specific identification method. Ending inventory Cost of goods sold Problem 6-2B Part 2 2. Using FIFO, calculate ending inventory and cost of goods sold at August 31, Ending inventory Cost of goods sold Problem 6-2B Part 3 3. Using LIFO, calculate ending inventory and cost of goods sold at August 31, Ending inventory Cost of goods sold References Problem 6-2B Part 4 4. 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 References Problem 6-2B Part 5 5. Calculate sales revenue and gross proft under each of the four methods. (Round weighted-average cost amounts to 2 decimal places.) Specific Identification FIFO LIFO Weighted- average cost Sales revenue Gross profit Problem 6-2B Part 6 6. Comparing FIFO and LIFO, which one provides the more meaningful measure of ending inventory? BOOM rences Multiple Choice FIFO LIFO Check my work Problem 6-2B Part 7 7. u 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 1 Record the UFO adjustment Not Enter debits before credit eneral Journal Doble Credli August 31