Problem $6-2$B $($Algo$)$ Calculate ending inventory, cost of goods sold, sales revenue, and gross profit for four inventory methods $($LO$6-3,6-4,6-5)$Bobby$\text{'}$s Tennis Shop has the following transactions related to its top$-$selling Wilson tennis racket for the month of August. Bobby's Tennis Shop uses a periodic inventory system.DintseBookASKReferencesDateTransactionsUnitsUnit CostTotal CostAugust $1$Beginning inventory$$157$$$1,256$August $4$Sale $($$$210$ each$)5$August $11$Purchase$101471,470$August $13$Sale $($$$225$ each$)$August $20$Purchase$101371,370$August $26$Sale $($$$235$ each$)11$August $29$Purchase$111271,397$$$5,493$McGraw HillFor 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.Required:$1.$ Calculate ending inventory and cost of goods sold at August $31,$ using the specific identification method$\mathrm{.}2.$ Using FIFO, calculate ending inventory and cost of goods sold at August $31\mathrm{.}3.$ Using LIFO, calculate ending inventory and cost of goods sold at August $31\mathrm{.}4.$ Using weighted$-$average cost, calculate ending inventory and cost of goods sold at August $31\mathrm{.}5.$ Calculate sales revenue and gross profit under each of the four methods$\mathrm{.}6.$ Comparing FIFO and LIFO, which one provides the more meaningful measure of ending inventory?$7.$ If Bobby's chooses to report inventory using LIFO, record the LIFO adjustment.