Unit Cost Total CON 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 Unito March 1 Beginning inventory 20 $ 240 $ 4,300 March 5 13a 1 ($380 ach) 15 March 9 Purchatte 260 2,600 March 17 salo (S430 wach) March 22 220 2,700 March 27 Ba l ($455 each) 12 March 30 Purchase 7 290 2,039 $12, 130 10 B 10 Purchase 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 weighted-average cost amounts to 2 decimal places.) Specific Identification FIFO LIFO Welchtec- average cont Sales revenue Cost of goods sold Gross prout 6. Comparing FIFO and LIFO, which one provides the more meaningful measure of ending inventory? Multiple Choice LIFO FIFO 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