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. Unit Cost $ 200 Total Cost $ 4,000 220 2,200 Date March 1 March 5 March 9 March 17 March 22 March 27 March 30 Transactions Beginning inventory Sale ($300 each) Purchase Sale ($350 each) Purchase Sale ($375 each) Purchase Units 20 15 10 8 10 12 8 230 2,300 250 2,000 $10,500 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. Ending inventory Cost of goods sold 8 2 of 7 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. Unit Cost $ 200 Total Cost $ 4,000 March 220 Date March 1 5 March 9 March 17 March 22 March 27 March 30 2,200 Transactions Beginning inventory Sale ($300 each) Purchase Sale ($350 each) Purchase Sale ($375 each) Purchase Units 20 15 10 8 10 12 8 Book 230 2,300 250 2,000 $10,500 rint rences 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. 2. Using FIFO, calculate ending inventory and cost of goods sold at March 31. Ending inventory Cost of goods sold $ 200 $ 4,000 20 15 19 229 2,200 March 1 March March 9 March 17 March 22 March 27 March 30 Beginning inventory Sale $300 each) Purchase Sale $350 each) Purchase Sale $375 each) Purchase eBook 230 2,300 10 12 8 250 2,000 $19,500 Print References For the specific identification method, the March 5 sale consists of bikes from beginning inver consists of bikes from the March 9 purchase, and the March 27 sale consists of four bikes fror eight bikes from the March 22 purchase. 3. Using LIFO, calculate ending inventory and cost of goods sold at March 31. Ending inventory Cost of goods sold IUICI Unit Cost $ 200 Total Cost $ 4,000 220 2,200 Date March March 5 March 9 March 17 March 22 March 27 March 30 Transactions Beginning inventory Sale ($300 each) Purchase Sale ($350 each) Purchase Sale ($375 each) Purchase Units 29 15 19 8 10 12 8 230 2,300 250 2,000 $10,500 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. 4. Using weighted average cost, calculate ending inventory and cost of goods sold at March 31. (Round your intermediate and final answers to 2 decimal places.) Ending inventory Cost of goods sold Unit Cost $ 200 Total Cost $ 4,000 Units 20 15 19 220 2,200 Date March 1 March 5 March 9 March 17 March 22 March 27 March 30 Transactions Beginning inventory Sale ($300 each) Purchase Sale ($350 each) Purchase Sale ($375 each) Purchase 230 2,300 19 12 8 250 2,000 $10,500 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. 5. Calculate sales revenue and gross profit under each of the four methods. (Round weighted average cost amounts to 2 decimal places.) Specific Identification FIFO LIFO Weighted average cost Sales revenue Gross profit Greg's Bicycle Shop has the following transactions related to its top-selling Mongoose mountain bike March. Greg's Bicycle Shop uses a periodic inventory system Unit Cost $ 200 Total Cost $ 4,000 220 2,200 Date March 1 March 5 March 9 March 17 March 22 March 27 March 30 Transactions Beginning inventory Sale ($300 each) Purchase Sale ($350 each) Purchase Sale ($375 each) Purchase Units 20 15 10 8 10 12 8 230 2,300 250 2,000 $ 10,500 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. 6. Comparing FIFO and LIFO, which one provides the more meaningful measure of ending inventory? Multiple Choice FIFO LIFO March 27 March 30 Sale ($375 each) Purchase 8 250 2,000 $10,500 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. 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 1 Record the LIFO adjustment. Note: Enter debits before credits. General Journal Date March 31 Debit Credit Record entry Clear entry View general joumal