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. Units 20 15 10 Unit Cost $ 230 Total Cost $ 4,600 250 Date March March March March March March March Transactions Beginning inventory Sale ($360 each) Purchase Sale $410 each) Purchase Sale ($435 each) Purchase 1 5 9 17 22 27 30 2,500 260 2,600 INO 10 12 8 CO No 280 2,240 $11,940 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 6-2A Part 7 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 Record the LIFO adjustment. Note: Enter debits before credits. General Journal Debit Credit Date March 31