calculate sales revenue and gross profit under each of the four methods.

12 Greg's Bicycle Shop has the following transactions related to its top-selling Mongoose mountain bike for the mc March. Greg's Bicycle Shop uses a periodic inventory system. Part 5 of 5 Unit Cost $ 245 Units 20 15 10 Total Cost $ 4,900 Date March 1 March 5 March 9 March 17 March 22 March 27 March 30 Transactions Beginning inventory Sale ($390 each) Purchase Sale ($440 each) Purchase Sale ($465 each) Purchase 265 2,650 8 points 275 2,750 10 12 8 295 2,360 $12,660 eBook Hint For the specific identification method, the March 5 sale consists of bikes from beginning inventory, the March 1 consists of bikes from the March 9 purchase, and the March 27 sale consists of four bikes from beginning inver eight bikes from the March 22 purchase. Print References 5. Calculate sales revenue and gross profit under each of the four methods. (Round weighted-average cost amount places.) Required: 1. Calculate ending inventory and cost of goods sold at March 31, using the specific identification method. $ Ending inventory Cost of goods sold 3,685 8,975 S March March March March 17 22 27 30 Sale ($440 each) Purchase Sale ($465 each) Purchase 275 2,750 8 10 12 8 295 2,360 $12,660 For the specific identification method, the March 5 sale consists of bikes from beginning inventory consists of bikes from the March 9 purchase, and the March 27 sale consists of four bikes from be eight bikes from the March 22 purchase. 2. Using FIFO, calculate ending inventory and cost of goods sold at March 31. $ 3.735 Ending inventory Cost of goods sold S 8,925 $ 245 $ 4,990 March March March March March March March 265 1 5 9 12 22 27 30 Beginning inventory Sale ($390 each) Purchase Sale ($440 each) Purchase Sale ($465 each) Purchase 2,650 20 15 10 8 10 12 8 275 2,750 295 2,360 $12,660 For the specific identification method, the March 5 sale consists of bikes from beginning in consists of bikes from the March 9 purchase, and the March 27 sale consists of four bikes eight bikes from the March 22 purchase. 3. Using LIFO, calculate ending inventory and cost of goods sold at March 31. Ending inventory Cost of goods sold 3,185 9.475 $ 10 265 2,650 March March March March March 9 17 22 27 30 Purchase Sale ($440 each) Purchase Sale (8465 each) Purchase 275 2,750 10 12 8 295 2,360 $12,660 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. 4. Using weighted-average cost, calculate ending inventory and cost of goods sold at March 31. (Round your intermediate ar answers to 2 decimal places.) $ Ending inventory Cost of goods sold 3,428.75 9,231.25 $ 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. 15 5. Calculate sales revenue and gross profit under each of the four methods. (Round weighted-average cost amounts to 2 decimal places.) Specific Identification FIFO LIFO Weighted average cost Sales revenue Gross profit nces