This is lifo method, not fifo

Required information Problem 6-2B Calculate ending inventory, cost of goods sold, sales revenue, and gross profit for four inventory methods (LO6-3, 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 Units Unit Cost $158 Total Cost 1,264 8 $ Transactions Beginning inventory Sale ($215 each) Purchase Sale $230 each) Purchase Sale ($240 each) Purchase 5 10 148 August 1 August 4 August 11 August 13 August 20 August 26 August 29 1,480 138 1,380 10 11 10 128 1,280 5,404 $ 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 3 3. Using LIFO, calculate ending inventory and cost of goods sold at August 31. Ending inventory Cost of goods sold