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 $ 150 Total Cost $3,000 Date March March March March March March March 170 Transactions Beginning inventory Sale ($200 each) Purchase Sale ($250 each) Purchase Sale ($275 each) Purchase 1 5 9 17 22 27 30 Units 20 15 10 8 10 12 7 1,700 180 1,800 200 1,400 $7,900 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 2. Using FIFO, calculate ending inventory and cost of goods sold at March 31. Ending inventory Cost of goods sold 3. Using LIFO, calculate ending Inventory and cost of goods sold at March 31. Ending inventory Cost of goods sold 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 5. Calculate sales revenue and gross profit under each of the four methods. (Round welghted-average cost amounts to 2 decimal places.) Specific Identification FIFO LIFO Weighted- average cost Sales revenue Gross profit 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 fleld.) View transaction list Journal entry worksheet Record the LIFO adjustment. Note: Enter debits before credits. Date General Journal Debit Credit March 31 Record entry Clear entry View general journal