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.

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. Ending inventory Cost of goods sold 2. Using FIFO, calculate ending inventory and cost of goods sold at March 31. Ending inventory Cost of goods sold I 3. Using LIFO, calculate ending inventory and cost of goods sold at March 31. Ending inventory Cost of goods sold 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.) Ending inventory Cost of goods sold places.) Specific Identification FIFO L IFO Weighted- average cost Sales revenue Gross profit T 6. Comparing FIFO and LIFO, which one provides the more meaningful measure of ending inventory? FIFO LIFO [The following information applies to the questions displayed below.) 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 Cost per Unit $245 Total Cost $ 4,900 2,650 Date March 1 Beginning Inventory March 5 Sale ($390 each) March 9 Purchase March 17 Sale ($440 each) March 22 Purchase March 27 Sale ($465 each) March 30 Purchase cocoa 265 275 295 2,750 2,360 $ 12,660