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. Date Transactions Units Unit Cost Total Cost 1 Beginning inventory $ 205 $ 4, 100 5 Sale ($310 each) 9 2,250 Sale ($360 each) March 22 Purchase 2,350 Sale ($385 each) Purchase 2,295 $10,995 March March March March 17 Purchase 225 20 15 10 8 10 12 9 235 March 27 March 30 255 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 Record the LIFO adjustment Note: Enter debits before credits Date General Journal Debit Credit March 31