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Ariana Bicycle Shop has the following transactions related to its top - selling Mongoose mountain bike for the month of March. Required: Calculate ending inventory

Ariana Bicycle Shop has the following transactions related to its top-selling Mongoose mountain bike for the month of
March.
Required:
Calculate ending inventory and cost of goods sold at March 31, 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.
Using FIFO, calculate ending inventory and cost of goods sold at March 31.
Using LIFO, calculate ending inventory and cost of goods sold at March 31.
Using weighted-average cost, calculate ending inventory and cost of goods sold at March 31.
Calculate sales revenue and gross profit under each of the four methods.
Comparing FIFO and LIFO, which one provides the more meaningful measure of ending inventory?
Complete this question by entering your answers in the tabs below.
Calculate ending inventory and cost of goods sold at March 31, 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.
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