1 Calculate ending inventory and cost of goods sold at March 31, 2015, using 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 2 Using FIFO, calculate ending inventory and cost of goods sold at March 31, 2015 3 Using LIFO, calculate ending inventory and cost of goods sold at March 31, 2015 4 Using weighted average cost, calculate ending inventory and cost of goods sold at March 31, 2015 5 Calculate sales revenue and gross profit under each of the four methods (Round weighted average cost amounts to 2 decimal places ) 6 Comparing FIFO and LIFO, which one provides the more meaningful measure of ending inventory 7 If Gregs 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 Thank you 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 Unit Cost $ 180 Total Cost $3,600 1 5 200 2,000 Date March March March March March March March 9 17 Transactions Beginning inventory Sale $260 each) Purchase Sale $310 each) Purchase Sale $335 each) Purchase Units 20 15 10 8 10 12 7 210 2,100 22 27 30 230 1,610 $9,310 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 1 Required 1 Calculate ending inventory and cost of goods sold at March 31, using the specific identification method

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1. Calculate ending inventory and cost of goods sold at March 31, 2015, using the specific identification method. The March 5 sale consists of bikes

1. Calculate ending inventory and cost of goods sold at March 31, 2015, using 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.

2. Using FIFO, calculate ending inventory and cost of goods sold at March 31, 2015.

3. Using LIFO, calculate ending inventory and cost of goods sold at March 31, 2015.

4. Using weighted-average cost, calculate ending inventory and cost of goods sold at March 31, 2015.

5. Calculate sales revenue and gross profit under each of the four methods. (Round weighted-average cost amounts to 2 decimal places.)

6. Comparing FIFO and LIFO, which one provides the more meaningful measure of ending inventory?

7. If Gregs 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.

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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. Unit Cost $ 180 Total Cost $3,600 1 5 200 2,000 Date March March March March March March March 9 17 Transactions Beginning inventory Sale $260 each) Purchase Sale $310 each) Purchase Sale $335 each) Purchase Units 20 15 10 8 10 12 7 210 2,100 22 27 30 230 1,610 $9,310 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 1 Required: 1. Calculate ending inventory and cost of goods sold at March 31, using the specific identification method