1.

Calculate ending inventory and cost of goods sold at March 31, 2012, using the specific identification method. The March 5 sale consists of bikes from beginning inventory, the March 17 sale consists of bikes from the March 9 purchase, and the March 27 sale consists of four bikes from beginning inventory and eight bikes from the March 22 purchase. (Omit the "$" sign in your response.)

2. Using FIFO, calculate ending inventory and cost of goods sold at March 31, 2012. (Omit the "$" sign in your response.)

3. Using LIFO, calculate ending inventory and cost of goods sold at March 31, 2012. (Omit the "$" sign in your response.)

4.

Using weighted-average cost, calculate ending inventory and cost of goods sold at March 31, 2012. (Round the intermediate calculations to 2 decimal places. Round your answers to the nearest dollar amount. Omit the "$" sign in your response.)

5. Calculate sales revenue and gross profit under each of the four methods. (Omit the "$" sign in your response.)

6. If Gregs Bicycle Shop chooses to report inventory using LIFO instead of FIFO, record the LIFO adjustment. (Omit the "$" sign in your response.)