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 Beginning inventory 20 Sale ($210 each) $155 March $3,100 15 March Purchase 175 March 17 Sale (5260 each) 1,750 March 22 Purchase 185 1,850 March 27 Sale ($285 each) March 30 Purchase 205 1,845 $8,545 1 5 9 10 8 10 12 9 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