Gregs Bicycle Shop has the following transactions related to its top-selling Mongoose mountain bike for the month of March. Greg's Bicycle Shop uses a periodic inventory system.

1. Calculate ending inventory and cost of goods sold at March 31, using 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.

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. (Round your intermediate and final answers to 2 decimal places.)

5. Calculate sales revenue and gross profit under each of the four methods.(Round weighted-average cost amounts to 2 decimal places.)

6. Comparing FIFO and LIFO, which one provides the more meaningful measure of ending inventory?

LIFO or FIFO

Transactions Date March 1 Beginning inventory March 5 Sale ($270 each) March 9 Purchase March 17 Sale ($320 each) March 22 Purchase March 27 Sale ($345 each) March 30 Purchase Units 20 15 10 10 Cost per Unit Total Cost $185 3,700 2,050 205 215 2150 235 2115 10,015