0 ipped Problem 6-2A (Algo) Calculate ending inventory, cost of goods sold, sales revenue, and gross profit for four inventory methods (LO6-3, 6-4, 6-5) 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. Transactions Beginning inventory Date March 1 Units 20 Unit Cost Total Cost $230 $4,600 March 5 Sale ($360 each) 15 Book March 9 Purchase 10 250 2,500 March 17 Sale ($410 each): B Print March 22 Purchase 10 260 2,600 ferences March 27 March 30 Sale ($435 each) Purchase 12 8 280 2,240 $11,940 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. ped ook rint Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required S Required 6 Required 7 rences Calculate ending inventory and cost of goods sold at March 31, using the specific identification method. Ending inventory Cost of goods sold 5. Calculate sales revenue and gross profit under each of the fa 6. Comparing FIFO and LIFO, which one provides the more mea 7. If Mitchell Bicycle Shop chooses to report inventory using LIF Complete this question by entering your answers in the ta ces Required 1 Required 2 Required 3 Required 4 Requirec Using FIFO, calculate ending inventory and cost of goods sold at Ma Ending inventory Cost of goods sold < Required 1 bed 6. Comparing FIFO and LIFO, which one provides the r 7. If Mitchell Bicycle Shop chooses to report inventory bok nt Complete this question by entering your answers ences Required 1 Required 2 Required 3 Required Requi Using LIFO, calculate ending inventory and cost of goods Ending inventory Cost of goods sold < Required 2 W < Prev I esc 1 ! 72 * #3 FOR 28 10 of 10 800 $ 64 OOO boo pped 2. Using FIFO, calculate ending inventory and cost of goods sol 3. Using LIFO, calculate ending inventory and cost of goods sol 4. Using weighted-average cost, calculate ending inventory and 5. Calculate sales revenue and gross profit under each of the fo 6. Comparing FIFO and LIFO, which one provides the more mea 7. If Mitchell Bicycle Shop chooses to report inventory using LIFE Book Print Complete this question by entering your answers in the ta Required 1 Required 2 erences Required 3 Required Required Using weighted-average cost, calculate ending inventory and cost calculations to 4 decimal places and final answers to 2 decimal pla Ending inventory Cost of goods sold < Required 3 6. Comparing FIFO and LIFO, which one provides the more meaningful measure of 7. If Mitchell Bicycle Shop chooses to report inventory using LIFO instead of FIFO, r Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Calculate sales revenue and gross profit under each of the four methods. (Round weigh ces decimal places.) Specific Identification FIFO LIFO Weighted- average Cost Sales revenue Gross profit < Required 4 Required 6 > mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253... ework i Saved C Ti Help Save & Exit Check 2. Using FIFO, calculate ending inventory and cost of goods sold at March 31. B. 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Comparing FIFO and LIFO, which one provides the more meaningful measure of ending inventory? Comparing FIFO and LIFO, which one provides the more meaningful measure of ending inventory? < Required 5 Required 7 > Required 1 Required 2 Required 3 Required 4 Required 5 Required b Keq If Mitchell Bicycle Shop chooses to report inventory using LIFO instead of FIFO, record the L transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet < 1 Record the LIFO adjustment. Note: Enter debits before credits. Date March 31 General Journal Debit Credit Clear entry Record entry < Prev 10 of 10 H++ View general journal Next