Heading 2 19 Paragraph Styles 12 3 4 . 56 D Required information The following information applies to the questions displayed below! Pete's Tennis Shop has the following transactions related to its top-selling Winton tennis racket for the month of August. Pete's Tennis Shop uses a periodic Inventory system Transaction Unit Cost Total Cost August 1 beginning Inventory 5140 $ 1,120 August 4 Sale ($125 each) 3 August 11 Purchase te 1,300 August 13 Sale (5340 each) August 20 Purchase 10 120 1,200 August 26 Sale (5150 each 11 upust 25 uchas 20 1.100 4,720 For the specific identication method, the August 4 sale consists of rackets from beginning inventory, the August 13 sele consists of rackets from the August purchase, and the August 26 sale consists of one racket from beginning Inventory and 10 rackets from the August 20 purchase Required: 1. 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 d