Required information

[The following information applies to the questions displayed below.] Gregs 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.

Date			Transactions	Units				Unit Cost				Total Cost
March	1		Beginning inventory		20			$	180				$	3,600
March	5		Sale ($260 each)		15
March	9		Purchase		10				200					2,000
March	17		Sale ($310 each)		8
March	22		Purchase		10				210					2,100
March	27		Sale ($335 each)		12
March	30		Purchase		7				230					1,610
													$	9,310

rev: 02_28_2017_QC_CS-80932

7. If Gregs 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.)