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rour inventory methoas (LUb-3, b-4, bb ) George Bicycle Shop has the following transactions related to its top-seling Mongoose mounta in bike for the month of March. George Bicycle Shop uses a periodic inventory system. 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 bkes from beginning ipventory and eight bikes from the March 22 purchase. Required: 1. Caiculate ending inventory and cost of goods sold at March 31, using the specifi idenefcation method. 2. Using FIFO, calculate ending imventory and cost of poods sold at March 31 . 3. Using UFO, caiculate 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 LFO, which one provides the more meaningful measure of ending inventory? 7. Ir George Bicycle Shop chooses to report inventory using LiFO instead of FFO, record the LIFO adjustment. Complete this question by entering your answers in the tabs below. If George Bicycle Shop chooses to report inventory using LaFO instead of FIFO, recurd the LFO adjustment. (tif no entry is required for a tramaction/event, splect To Journal Entry Riequered in the firt account feld.) Journal entry worksheet Record the Lro adjustment