10-5.c.
Problem 6-2A (Algo) Calculate ending inventory, cost of goods sold, sales revenue, and gross profit for four inventory methods (LOG-3, 6-4, 6-5) George Bicycle Shop has the following transactions related to its top-selling Mongoose mountain bike for the month of March. George Bicycle \$hop uses a periodic inventory system. For the specific identification method, the March 5 sale consists of bikes from beginning inventory, the March 17 sale consists of blkes 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 George 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. Calculate sales revenue and gress profit under each of the four methods. (Round weighted-average unit cost amounts to 4 ) decima places.) Problem 6-2A (Algo) Calculate ending inventory, cost of goods sold, sales revenue, and gross profit for four inventory methods (LOG-3, 6-4, 6-5) George Bicycle Shop has the following transactions related to its top-selling Mongoose mountain bike for the month of March. George Bicycle Shop uses a periodic inventory system. 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. Caiculate ending inventory and cost of goods sold at March 31, using the specific identification method. 2. Using FFFO, calculate ending inventory and cost of goods sold at March 31. 3. Using LFO, calculate ending inventory and cost of goods sold at March 31. 4. Using weighted-average cost, calculate ending inventory and cost of goods sold ot 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 George Bicycle Shop chooses to report imventory using LFO instead of FIFO, record the LIFO adjustment. Complete this question by entering your answers in the tabs below. Comparing FIFO and UFO, which one provides the more meaningful measure of ending inventory? 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) George Bicycle Shop has the following transactions related to its top-selling Mangoose mountain bike for the month of March. George Elicycle Shop uses a periodic inventory system. For the specific identfication 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 anid 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, caleulate ending inventory and cost of goods sold at March 31 . 3. Using UFO, 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. Caiculote 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 George Bicycle Shop chooses to report inventory using UFO instead of FFO, record the UFO adjustment: Complete this question by entering your answers in the tabs below. If George Bicycie Shop chooses to report imventory using LFO instead of FIFO, record the UFO adjustiment. (If ne entry as required for a transaction/event, select "No Journal Entry Required in the first account field.) Journal entry worksheet
