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Problem 6-2A (Static) Calculate ending inventory, cost of goods sold, sales revenue, and gross profit for four inventory methods (LOG-3, 6-4, 6-5) Greg's Bicycle Shop has the following transactions related to its top-selling Mangoose mountain bike for the month of March Greg's Bicycle Shop uses a periodic inventory system For the specific identification method, the March 5 sale conssts of bikes from beginning inventory, the March 17 sale consists of bikes from the March 9 purchase, and the March 27 sale consists of fourbikes from beginning inventory and eight bikes from the March 22 purchase Required: 1. Calculate ending inventory and cost of goods sold at March 3t, using the spechicidentification method 2. Using FIFO, calculate ending inventory and cost of goods sold at March 31 3. Using LIFO, caiculate ending inventory and cost of goods sold at March 31 4. Usng 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 meaningtul messure of ending inventory? 7. If Gieg's Bicycle Shop chooses to report inventory using LIFO instead of FIFO, record the LIFO adjustment If Greg's bicycle Shop chooses to report inventory using LiFo instead of Fifo, cecord the LiFo edjustment. (If no entry if required fise Journal entry worksheet

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