Greg's 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 Transactions Beginning inventory Date March March 1 Units 20 Unit Cost Total Cost $155 $3,100 5 March 9 Sale ($210 each) Purchase 15 10 175 1,750 March 17 March 22 March 27 March 30 Sale ($260 each) Purchase 8 10 185 1,850 Sale ($285 each) 12 Purchase 9 205 1,845 $8,545 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. Ending inventory Cost of goods sold 5. Calculate sales revenue and gross profit under each of the four methods (Round weighted-average cost amounts to 2 decimal places.) Specific Identification FIFO LIFO Weighted- average cost Sales revenue Cost of goods sold Gross profit 7. If Greg's Bicycle Shop chooses to report inventory using LIFO instead of FIFO, record the LIFO adjustment. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet < Record the LIFO adjustment. Note: Enter debits before credits. Date March 31.1 General Journal Debit Credit