[The following information applies to the questions displayed below.] Gregs 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	Cost per Unit	Total Cost
March 1	Beginning inventory	20	$215	$	4,300
March 5	Sale ($330 each)	15
March 9	Purchase	10	235		2,350
March 17	Sale ($380 each)	8
March 22	Purchase	10	245		2,450
March 27	Sale ($405 each)	12
March 30	Purchase	8	265		2,120
				$	11,220

5. Calculate sales revenue and gross profit under each of the four methods.(Round weighted-average cost amounts to 2 decimal places.)

7. If Gregs 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.)