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. Unit Cost $ 160 Total Cost $3,200 180 Date March 1 March 5 March 9 March 17 March 22 March 27 March 30 1,800 Transactions Beginning inventory Sale ($220 each) Purchase Sale ($270 each) Purchase Sale ($295 each) Purchase Units 20 15 10 8 10 12 8 190 1,900 210 1,680 $8,580 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. 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. Answer is complete and correct. $ 2,080 Ending inventory Cost of goods sold $ 6,500 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 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 View journal entry worksheet No Date General Journal Debit Credit 1 March 31 Cost of Goods Sold Inventory