Ariana Bicycle Shop has the following transactions related to its top-selling Mongoose mountain bike for the month of March. Ariana Bicycle Shop uses a periodic inventory system. Transactions Beginning inventory Sale ($370 each) Date March 1 Units 20 Unit Cost Total Cost $235 $4,700 March 5 15 March 9 Purchase 10 255 2,550 March 17 Sale ($420 each) 8 March 22 March 27 March 30 Purchase 10 265 2,650 Sale ($445 each) Purchase 12 9 285 2,565 $12,465 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. 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 Ariana Bicycle Shop chooses to report inventory using LIFO instead of FIFO, record the LIFO adjustment. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Using LIFO, calculate ending inventory and cost of goods sold at March 31. Ending inventory S 3,740 x Cost of goods sold 8,725 < Required 2 Required 4 > Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Using weighted-average cost, calculate ending inventory and cost of goods sold at March 31. (Round your intermediate calculations to 4 decimal places and final answers to 2 decimal places.) Ending inventory $ 3,855.35x Cost of goods sold $ 8,609.65 < Required 3 Required 5 > Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Calculate sales revenue and gross profit under each of the four methods. (Round weighted-average unit cost amounts to 4 decimal places.) Specific Identification FIFO LIFO Weighted- average Cost Sales $ 14,250 14,250 $ 14,250 $ revenue Gross profit $ 5,625 $ 5,675 $ 5,525 x < Required 4 14,250.00 5,641.00 Required 6 >