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.

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Question: Gregs Bicycle Shop has the following transactions related to its top-selling Mongoose mountain...

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	$150	$	3,000
March 5	Sale ($200 each)	15
March 9	Purchase	10	170		1,700
March 17	Sale ($250 each)	8
March 22	Purchase	10	180		1,800
March 27	Sale ($275 each)	12
March 30	Purchase	7	200		1,400
				$	7,900

5. Calculate sales revenue and gross profit under each of the four methods.(Round weighted-average cost amounts to 2 decimal places.)

6. Comparing FIFO and LIFO, which one provides the more meaningful measure of ending inventory?

LIFO

FIFO

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.)