[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 March 1 Beginning inventory 20 $ 195 $ 3,900 March 5 Sale ($290 each) 15 March 9 Purchase 10 215 2,150 March 17 Sale (5348 each) March 22 Purchase 10 2,250 March 27 Sale (5365 each) 12 March 30 Purchase 7 245 1,215 $10,015 225 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.) Required information 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 General Journal Debit Credit Date March 31