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:

Calculate ending inventory and cost of goods sold at March $31,$ using the specific

identification method.

Using FIFO, calculate ending inventory and cost of goods sold at March $31.$

Using LIFO, calculate ending inventory and cost of goods sold at March $31.$

Using weighted$-$average cost, calculate ending inventory and cost of goods sold at March $31.$

Calculate sales revenue and gross profit under each of the four methods.

Comparing FIFO and LIFO, which one provides the more meaningful measure of ending

inventory?

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.

Using weighted$-$average cost, calculate ending inventory and cost of goods sold at March $31.($Round

calculations to $4$ decimal places and final answers to $2$ decimal places.$)$