Date: Transactions Units Cost per Unit Total Cost

Aug 1 Beginning Inventory 8 160 1280

Aug 4 Sale (225/each) 5

Aug 11 Purchase 10 150 1500

Aug 13 Sale (240/each) 8

Aug 20 Purchase 10 140 1400

Aug 26 Sale (250/each) 11

Aug 29 Purchase 11 130 1430

Calculate ending inventory and cost of goods sold at Aug. 31, 2015, using the specific identification method. The August 4 sale consists of rackets from beginning inventory, the August 13 sale consists on 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.

Using FIFO calculate ending inventory and cost of goods sold

Using LIFO caulcuate ending inventory and cost of goods sold