** I don't understand the difference between the Specific Identification Method, LIFO and FIFO. For questions 1-7, can you please break down how you calculated the answers?

Ariana Bicycle Shop has the following transactions related to its top-selling Mongoose mountain bike for the month of March. Ariana Bicycle Shop uses a periodic inventory system. Date ___ Transactions ___ Units ___ Unit Cost ___ Total Cost March 1 ___ Beginning inventory ___ 20 units ___ $165 ___ $3,300 March 5 ___ Sale ($230 each) ___ 15 units March 9 ___ Purchase ___ 10units ___ $185 ___ $1,850 March 17 ___ Sale ($280 each) ___8 units March 22 ___ Purchase ___ 10 units ___ $195 ___$1,950 March 27 ___ Sale ($305 each) ___12 units March 30 ___Purchase ___7 units ___ $215___ 1,505 _______________________________________$8,605 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.

1. Calculate ending inventory and cost of goods sold at March 31, using the specific identification method. 2. Using FIFO, calculate ending inventory and cost of goods sold at March 31. 3. Using LIFO, calculate ending inventory and cost of goods sold at March 31. 4. Using weighted-average cost, calculate ending inventory and cost of goods sold at March 31. 5. Calculate sales revenue and gross profit under each of the four methods. 6. Comparing FIFO and LIFO, which one provides the more meaningful measure of ending inventory? 7. If Ariana Bicycle Shop chooses to report inventory using LIFO instead of FIFO, record the LIFO adjustment.