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) Arlana Bicycle Shop has the following transactions related to Its top-selling Mongoose mountain bike for the month of March. Arlana Bicycle Shop uses a perlodic 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 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 Arlana Bicycle Shop chooses to report inventory using LIFO instead of FIFO, record the LIFO adjustment. Calculate ending inventory and cost of goods sold at March 31 , using the specific identification method. Jsing FIFO, calculate ending inventory and cost of goods sold at March 31 . Using LIFO, calculate ending inventory and cost of goods sold at March 31 . Using weighted-average cost, calculate ending inventory and cost of goods sold at March 31 . (Round your intermediate calculations to 4 decimal places and final answers to 2 decimal places.) alculate sales revenue and gross profit under each of the four methods. (Round weighted-average unit cost amounts to 4 ecimal places.) Comparing FIFO and LIFO, which one provides the more meaningful measure of ending inventory? If Ariana 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 Note: Enter debits before credits