If Greg's Bicycle Shop chooses to report inventory using LIFO instead of FIFO, record the LIFO adjustment.

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. For the specific identification method, the March 5 sale consists of bikes from beginning inventory, the March 17 sale consists of blkes from the March 9 purchase, and the March 27 sale consists of four blkes from beginning inventory and eight blkes from the March 22 purchase. 7. If Greg's Bicycle Shop chooses to report inventory using LIFO instead of FIFO, record the LIFO adjustment. (If no entry is required or a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Note: Enter debits before credits