Gregs 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 Cost per Unit Total Cost March 1 Beginning inventory 20 $250 $ 5,000 March 5 Sale ($400 each) 15 March 9 Purchase 10 270 2,700 March 17 Sale ($450 each) 8 March 22 Purchase 10 280 2,800 March 27 Sale ($475 each) 12 March 30 Purchase 9 300 2,700 $ 13,200 rev: 02_28_2017_QC_CS-80932 2.value: 1.25 pointsRequired information Required: 1. Calculate ending inventory and cost of goods sold at March 31, using 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. ReferenceseBook & Resources WorksheetLearning Objective: 06-03 Determine the cost of goods sold and ending inventory using different inventory cost methods.Learning Objective: 06-05 Record inventory transactions using a perpetual inventory system. Difficulty: 3 HardLearning Objective: 06-04 Explain the financial statement effects and tax effects of inventory cost methods. Check my work 3.value: 1.25 pointsRequired information 2. Using FIFO, calculate ending inventory and cost of goods sold at March 31. ReferenceseBook & Resources WorksheetLearning Objective: 06-03 Determine the cost of goods sold and ending inventory using different inventory cost methods.Learning Objective: 06-05 Record inventory transactions using a perpetual inventory system. Difficulty: 3 HardLearning Objective: 06-04 Explain the financial statement effects and tax effects of inventory cost methods. Check my work 4.value: 1.25 pointsRequired information 3. Using LIFO, calculate ending inventory and cost of goods sold at March 31. ReferenceseBook & Resources WorksheetLearning Objective: 06-03 Determine the cost of goods sold and ending inventory using different inventory cost methods.Learning Objective: 06-05 Record inventory transactions using a perpetual inventory system. Difficulty: 3 HardLearning Objective: 06-04 Explain the financial statement effects and tax effects of inventory cost methods. Check my work 5.value: 1.25 pointsRequired information 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.) ReferenceseBook & Resources WorksheetLearning Objective: 06-03 Determine the cost of goods sold and ending inventory using different inventory cost methods.Learning Objective: 06-05 Record inventory transactions using a perpetual inventory system. Difficulty: 3 HardLearning Objective: 06-04 Explain the financial statement effects and tax effects of inventory cost methods. Check my work 6.value: 1.25 pointsRequired information 5. Calculate sales revenue and gross profit under each of the four methods.(Round weighted-average cost amounts to 2 decimal places.) ReferenceseBook & Resources WorksheetLearning Objective: 06-03 Determine the cost of goods sold and ending inventory using different inventory cost methods.Learning Objective: 06-05 Record inventory transactions using a perpetual inventory system. Difficulty: 3 HardLearning Objective: 06-04 Explain the financial statement effects and tax effects of inventory cost methods. Check my work 7.value: 1.25 pointsRequired information 6. Comparing FIFO and LIFO, which one provides the more meaningful measure of ending inventory? FIFO LIFO ReferenceseBook & Resources Multiple ChoiceLearning Objective: 06-03 Determine the cost of goods sold and ending inventory using different inventory cost methods.Learning Objective: 06-05 Record inventory transactions using a perpetual inventory system. Difficulty: 3 HardLearning Objective: 06-04 Explain the financial statement effects and tax effects of inventory cost methods. Check my work 8.value: 1.25 pointsRequired information 7. If Gregs 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.)