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Problem 6-2A (Algo) Calculate ending inventory, cost of goods sold, sales revenue, and gross profit for four inventory methods (LO6-3, 6-4, 6-5) Michell Bicycle Shop hos the foliowing transoctions related to its top-selling Mongoose mountain bike for the month of March. Mitchell Bicycle Shop uses a periodic imventory system For the specici 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 Match 27 sale consists of fout bikes from beginning inventory and eight bikes fiom the March 22. purchose 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 elght bikes from the March 22 purchase Required: 1. Calculate ending inventoty and cost of goods sold at March 31, using the specific identification method 2. Using FIFO, calculate ending inventory and cost of goods sold at March 31 . 3. Using LIFO, calculate ending inventory and cost of goods sold at March 31 4. Using weighted-average cost, calculate ending inventory and cost of goods sold al Warch 31 5. Caiculate soles tevenue and gross profit under each of the four methods: 6. Compating FIFO and LIFO, which one provides the more meaningful measure of ending inventory? 7. II Mitchell Bicycle Shop chooses to report inventoty using LIFO instead of FIFO, record the LIFO adjustment