George Bicycle Shop has the following transactions related to its top-selling Mongoose mountain bike for the month of March. George Bicycle Shop uses a periodic inventory system. Date March 1 March 5 March 9 March 17 March 22 March 27 March 30 Transactions Beginning inventory Sale ($350 each) -- Purchase Sale ($400 each) Purchase Sale ($425 each) Purchase Units. 20 15 10 8 10 12 7 Unit Cost $225 245 255 275 Total Cost $4,500 2,450 2,550 1,925 $11,425 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 George Bicycle Shop chooses to report inventory using LIFO instead of FIFO, record the LIFO adjustment.

George Bicycle Shop has the following transactions related to its top-selling Mongoose mountain 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 blkes 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 George Bicycle Shop chooses to report inventory using LFO instead of FIFO, record the LIFO adjustment. George Bicycle Shop has the following tramsactions related to its top-selling Mongoose mountain bike for the month of March George Bicycle Shop uses a periodic inventony system. For the specific identification method, the March 5 sale consists of bilkes from beginning imwentory, the March 17 sale consists of bikes from the March 9 putchase, and the March 27 sole consists of four bikes from beginning irventary and eight bikes from the March 22 purchase Required: 1. Colculate ending inventory and cost of goods sold at March at, using the specific identification method 2. Using FFO, calculate ending inventory and cost of goods sold at March 31 . 3. Using LIFO, calculate ending inventary and cost of goods sold at March 31 4. Using weighted average cost, colculate ending inwemory and cost of goods sold at March 31 5. Calculate sales revemue and oross profit under each of the four methods 6. Comparing FIFO and UFO, which one provides the more meaningful measuie of ending inventory? 7. If George Bicycle Shop chooses to report inventory using LIFO instead of FIFO, record the LFFO adjustment