3 Mitchell Bicycle Shop has the following transactions related to its top-selling Mongoose mountain bike for the month of March. Mitchell Bicycle Shop uses a periodic Inventory system, Date Transactions Units Unit Cost March 1 Total Cost Beginning inventory 28 $245 March 5 Sale ($390 each) 34,900 15 March 9 Purchase 10 265 2.650 March 17 Sale (1440 each) March 22 Purchase 10 275 2.750 March 27 Sale (5465 each) 12 March 30 Purchase 295 2.360 $12,60 For the specific identification method, the March 5 sole 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 Required: 1. Calculate ending inventory and cost of goods sold at March 31, using the specific identification method 2. Using FIFO, calculate ending inventory and cost of goods sold at March 31 3. Using LIFO, calculate ending Inventory and cost of goods sold at March 31 4. Using weighted average cost, calculate ending inventory and cost of goods sold at March 31 5. Calculate sales revenue and gross profit under each of the four methods. 6. Comparing FIFO and LIFO, which one provides the more meaningful measure of ending inventory? 7. If Mitchell Bicycle Shop chooses to report inventory using LIFO instead of FIFO, record the LIFO adjustment Complete this question by entering your answers in the tabs below. Required 6 Required Required 1 Required 2 Required Required 3 Required 4 Calculate ending inventory and cost of goods sold at March 31, using the specific identification method. Ending Inventory met andet