6-5 do journel entry just for this.

record the lifo adjustment

Problem 6-2A (Algo) Calculate ending inventory, cost of goods sold, sales revenue, and gross profit for four inventory methods (LO6-3, 6-4, 6-5) George Bicycle Shop has the following transactions related to its top-selling Mongoose mountain bike for the month of Morch, George Bigycle Shop uses a periodic inventary system. For the speclic identication 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. Required: 1. Calcuiste ending imventory and cost of goods soid at March 31, using the specific identfication method. 2. Using FIFO, coiculate ending inventory and cost of goods sold at March 31 . 3. Using UFO, calculate ending ifventory 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 UFO, which one provides the more meaningful measure of ending inventory? 7. If George Bicycle Shop chooses to report inventory using LIFO insteod of FIFO, record the LIFO adjustment. Complete this question by entering your answers in the tabs below. If George Bicycle Shop chooses to report inventory using UFO instead of FIFO, record the LFO adjustment. (tI no entry is required for a transoction/evient, stiect "No Soumal Entry Required" in the first account feld.) Journal entry worksheet Record the LFO afjustment