1. Calculate the revenue and gross profit under each of the four methods.

2. Comparing FIFO and LIFO, which one provides the more meaningful measure of ending inventory?

3. If Greg's Bicycle Shop chooses to report inventory using LIFO instead of FIFO, record the LIFO adjustment.

Required information [The following information applies to the questions displayed below.) Greg's Bicycle Shop has the following transactions related to its top-selling Mongoose mountain bike for the month of March. Greg's Bicycle Shop uses a periodic inventory system Unit Cost $ 205 Total Cost $ 4,100 Date March 1 March 5 March 9 March 17 March 22 March 27 March 30 Transactions Beginning inventory Sale ($310 each) Purchase Sale ($360 each) Purchase Sale ($385 each) Purchase Units 20 15 10 8 225 2,250 235 2,350 12 9 255 2,295 $10,995 For 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