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Mitchell Bicycle Shop has the following transactions related to its top-selling Mongoose mountain bike for the month of March. Mitchell Bicycle Shop uses a periodic inventory system.

Date	Transactions	Units	Unit Cost	Total Cost
March 1	Beginning inventory	20	$170	$3,400
March 5	Sale ($240 each)	15
March 9	Purchase	10	190	1,900
March 17	Sale ($290 each)	8
March 22	Purchase	10	200	2,000
March 27	Sale ($315 each)	12
March 30	Purchase	9	220	1,980
				$9,280

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. 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 Mitchell Bicycle Shop chooses to report inventory using LIFO instead of FIFO, record the LIFO adjustment.

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