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 Transactions Units Unit Cost Total Cost

March 1 Beginning inventory 20 $225 $4,500

March 5 Sale ($350 each) 15

March 9 Purchase 10 245 2,450

March 17 Sale ($400 each) 8

March 22 Purchase 10 255 2,550

March 27 Sale ($425 each) 12

March 30 Purchase 7 275 1,925

total cost = $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.