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Problem 6-2A Calculate ending inventory, cost of goods sold, sales revenue, and gross profit for four inventory methods (LO6-3, 6-4, 6-5) [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 Beginning inventory 20 $ 250 $ 5,000 March Sale (1400 each) 15 March 9 Purchase 16 270 2, 7ea March 17 Sale ($450 each) March 22 Purchase 18 286 2, Bee March 27 Sale ($475 each) 12 March Purchase 2, 7ee $13, 209 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. Problem 6-2A Part 7 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 View journal entry worksheet No Date General Journal Debit Credit March 31 800 800