! 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. March 1 Beginning Cost per Date Transactions Units Unit Total Cost 20 $240 $4,800 Inventory March Sale ($380 each) 15 5 March Purchase 10 260 2,600 9 March Sale ($430 each) 8 17 March Purchase 10 270 2,700 22 March Sale ($455 each) 12 27 March Purchase 7 290 30 2,030 $12,130 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 recuired" in the first account field.) 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 General Journal Date March 31 Debit Credit Record entry Clear entry View general Journal