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) 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. 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 LFF, 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 UFO adjustment. Complete this question by entering your answers in the tabs below. Calculate ending inventory and cost of goods sold at March 31 , using the specific identification method. Littleton Books has the following transactions during May. May 2 Purchases books on account from Readers wholesale for $4,600, terms 1/10,n/30. May 3 Pays cash for freight costs of $270 on books purchased fron Readers. May 5 Returns books with a cost of $300 to Readers because part of the order is incorrect. May 10 Pays the full amount due to Reeders, May 30 Sells all books purchased on May 2 (less those returned on May 5) for $4,76 on account. Required: 1. Record the transactions of Littleton Books, assuming the company uses a periodic inventory system. 2. Record the period-end adjusting entry to cost of goods sold on May 31 , assuming the company has no beginning or endi inventory. Complete this question by entering your answers in the tabs below. Record the transactions of Littieton Books, assuming the company uses a periodic inventory system. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Record purchase of books on account from Readers Wholesale for $4,000, terms 1/10,n/30. Note: Enter debits before credits