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 Total Cost Datel March March 1 Beginning inventory Units 20 Unit Cost $210 $ 4,200 5 Sale ($320 each) 15 March 9 Purchase 10 230 2,300 March 17 Sale ($370 each) 8 March 22 March 27 March 30 Purchase 10 240 2,400 Sale ($395 each) Purchase 12 7 260 1,820 $10,720 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. Problem 6-2A Part 7 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. 9 < Prev 21 of 21 Next