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 Date Transactions Units Unit Cost Total Cost March 1 Beginning inventory 20 $ 240 $ 4,800 March 5 Sale ($380 each) 15 March 9 Purchase 10 260 2,600 March 17 Sale (5430 each) 8 March 22 Purchase 10 270 2,700 March 27 Sale ($455 each) 12 March 30 Purchase 7 2,030 $12, 130 290 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. Answer is complete but not entirely correct. $ 3,2303 Ending inventory Cost of goods sold $ 8,900 3. Using LIFO, calculate ending inventory and cost of goods sold at March 31. Answer is complete but not entirely correct. $ 3,230 Ending inventory Cost of goods sold $ 8,900 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.) Answer is complete but not entirely correct. Ending Inventory Cost of goods sold $ 3,346,00 $ 8,784.00 5. Calculate sales revenue and gross profit under each of the four methods. (Round welghted average cost amounts to 2 decimal places.) Answer is complete but not entirely correct. Specific FIFO LIFO Welghted Identification average cost 14,600 $ 14,600 $ 14.600 14,600.00 8,800 8,750 8,9003 8,784.00 $ 5,800 $ 5,850S 5,700 $ 5,816.00 $ Sales revenue Cost of goods sold Gross profit 7. 11 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.) LE View transaction lit View Journal entry worksheet NO Date 1 March 31 Cost of Goods Sold General Journal Debit Credit