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 Total Cost Date March 1 Units Unit Cost 20 $155 $3,100 March 5 Sale ($210 each) 15 March 9 Purchase 10 175 1,750 March 17 Sale ($260 each) 8 March 22 Purchase 10 185 1,850 March 27 March 30 Sale ($285 each). Purchase 12 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. 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 < 1 Record the LIFO adjustment.