Ariana Bicycle Shop has the following transactions related to its top-selling Mongoose mountain bike for the month of March. A Bicycle Shop uses a periodic inventory system. Date March 1 Transactions Beginning inventory Sale ($290 each) Purchase Units 20 Unit Cost Total Cost $195 $3,900 March 5 15 March 91 10 215 2,150 March 17 March 22 March 27 March 30 Sale ($340 each) Purchase 8 10 225 2,250 Sale ($365 each). Purchase 12 245 1,715 $10,015 For the specific Identification method, the March 5 sale consists of bikes from beginning Inventory, the March 17 sale consists of from the March 9 purchase, and the March 27 sale consists of four bikes from beginning inventory and eight bikes from the March 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.