Problem $6-2$A $($Algo$)$ Calculate ending inventory, cost of goods sold, sales revenue, and gross profit for four inventory methods $($LO$6-3,6-4,6-5)$

Ariana Bicycle Shop has the following transactions related to its top$-$selling Mongoose mountain bike for the month of March. Ariana Bicycle Shop uses a periodic inventory system.

Date Transactions Units Unit Cost Total Cost

March $1$ Beginning inventory $20$ $$235$ $$4,700$

March $5$ Sale $($$$370$ each$)15$

March $9$ Purchase $102552,550$

March $17$ Sale $($$$420$ each$)8$

March $22$ Purchase $102652,650$

March $27$ Sale $($$$445$ each$)12$

March $30$ Purchase $92852,565$

$$12,465$

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.

Required:

$1.$ Calculate ending inventory 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 at March $31.$

$5.$ Calculate sales revenue and gross profit under each of the four methods.

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

$7.$ If Ariana Bicycle Shop chooses to report inventory using LIFO instead of FIFO, record the LIFO adjustment.