1. Calculate sales revenue and gross profit under each of the four methods. (Specific identification, FIFO, LIFO, weighted-average cost)

2. If Gregs Bicycle Shop chooses to report inventory using LIFO instead of FIFO, record the LIFO adjustment.

The following information applies to the questions displayed below. Greg's Bicycie Shop has the following transactione related to its top-celling Mongoose mountain bike for the month of March, Greg's Bicycle Shop uses a periodic inventory system Date UntTotel Cost 20 $165 $ 3.300 March 1 Beginning Inventory March 5 Sale ($230 eech March 9 Purchase March T7 Sale ($280 each March 22 Purchase March 27 Sale (5305 each March 30 Purchase 15 10 10 195 1,950 2151505 $ 8.605 The following information applies to the questions displayed below. Greg's Bicycie Shop has the following transactione related to its top-celling Mongoose mountain bike for the month of March, Greg's Bicycle Shop uses a periodic inventory system Date UntTotel Cost 20 $165 $ 3.300 March 1 Beginning Inventory March 5 Sale ($230 eech March 9 Purchase March T7 Sale ($280 each March 22 Purchase March 27 Sale (5305 each March 30 Purchase 15 10 10 195 1,950 2151505 $ 8.605