Question
ces 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
ces 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 Mongoose mountain bike for the month of March. George Bicycle Shop uses a periodic inventory system. Transactions Date March 1 Beginning inventory Units 20 Unit Cost Total Cost $210 March 5 Sale ($320 each) $4,200 15 March 9 Purchase 10 230 2,300 March 17 Sale ($370 each)- 8 March 22 Purchase 10 240 2,400 March 27 March 30 Sale ($395 each) Purchase i 12 260 1,820 $10,720 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. 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. Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Calculate ending inventory and cost of goods sold at March 31, using the specific identification method. Ending inventory Cost of goods sold Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Using FIFO, calculate ending inventory and cost of goods sold at March 31. Ending inventory Cost of goods sold Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Using LIFO, calculate ending inventory and cost of goods sold at March 31. Ending inventory Cost of goods sold Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Using weighted-average cost, calculate ending inventory and cost of goods sold at March 31. (Round your intermediate calculations to 4 decimal places and final answers to 2 decimal places.) Ending inventory Cost of goods sold Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Calculate sales revenue and gross profit under each of the four methods. (Round weighted-average unit cost amounts to 4 decimal places.) Specific Identification FIFO LIFO Weighted- average Cost Sales revenue Gross profit Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Comparing FIFO and LIFO, which one provides the more meaningful measure of ending inventory? Comparing FIFO and LIFO, which one provides the more meaningful measure of ending inventory? Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 If George 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.) View transaction list Journal entry worksheet Record the LIFO adjustment. Note: Enter debits before credits. Date March 31 General Journal Debit Credit Record entry Clear entry View general journal
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