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.

Date	Transactions	Units	Cost per Unit	Total Cost
March 1	Beginning inventory	20	$235	$	4,700
March 5	Sale ($370 each)	15
March 9	Purchase	10	255		2,550
March 17	Sale ($420 each)	8
March 22	Purchase	10	265		2,650
March 27	Sale ($445 each)	12
March 30	Purchase	9	285		2,565
				$	12,465

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.

Ending Inventory:

Cost of goods sold:

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

Ending Inventory:

Cost of goods sold:

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

Ending Inventory:

Cost of goods sold:

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.)

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
Gross Profit

7. If Gregs 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.)