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.

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 $6-2$A Part $7$

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.$)$

Journal entry worksheet

$1$

Record the LIFO adjustment.

Note: Enter debits before credits.