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. Units Unit Coat $ 205 otal Cost $4,100 15 Date March 1 March 5 March 9 March 17 March 22 March 27 March 30 2,250 Transactions Deginning inventory Sale $310 cach) Purchase Sale ($360 cach) Purchase Sale ($385 cach) Purchase 225 235 2.350 255 2,295 $10.995 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 View journal entry worksheet No General Journal Credit Date March 31 Debit 3.320 1 Cost of Goods Sold 3,320