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Check my work Required information [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. Unit Cost $215 Total Cost $ 4,300 235 Date March 1 Mareh 5 March 9 March 17 March 22 March 27 March 30 2,350 Transactions Beginning inventory Sale ($330 each Purchase Sale ($380 each) Purchase Sale ($405 each) Purchase Units 20 15 10 8 10 12 8 245 2,450 265 2,120 $11,220 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. 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.) Journal entry worksheet

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