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 $150 $1,200 August 4 Sale ($175 each) 5     August 11 Purchase 10 140 1,400 August 13 Sale ($190 each) 8     August 20 Purchase 10 130 1,300 August 26 Sale ($200 each) 11     August 29 Purchase 12 120 1,440           5,340   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. Required: 1. Calculate ending inventory and cost of goods sold at August 31, using the specific identification method.   Ending inventory   Cost of goods sold

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