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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
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. Transactions Beginning inventory Sale ($330 each) Purchase Date March 1 Units Unit Cost 20 $215 Total Cost $ 4,300 March 5 15 March 9 10 235 2,350 March 17 Sale ($380 each) B March 22 Purchase 10 245 2,450 March 27 March 30 Sale ($405 each) Purchase 12 8 265 2,120 $11,220 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 2 2. Using FIFO, calculate ending inventory and cost of goods sold at March 31
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