Problem 6-2A Calculate ending inventory, cost of goods sold, sales revenue, and gross profit for four Inventory methods (LO6-3, 6-4,6-5) [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. Transactions Date March 1 March Units Unit Cost Total Cost Beginning inventory 20 $170 $3,400 5 Sale ($240 each) 15 March 9 Purchase 10 190 1,900 March 17 Sale ($290 each) March 22 March 27 March 30 Purchase 10 200 2,000 Sale ($315 each) Purchase 12 220 1,900 59,200 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 beginging inventory and eight bikes from the March 22 purchase. Problem 6-2A Part 7 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.) View transaction list Journal entry worksheet < Record the LIFO adjustment. Note: Enter debits before credits Date March 31 General Journal Debit Credit Record entry Clear entry View general journal