Chapter 6 Exercises Saved 9 Part 5 of 7 [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. Date Transactions Units Unit Cost March 1 Total Cost Beginning inventory 20 $200 March 5 Sale ($300 each) $ 4,000 15 March 9 Purchase 1e 220 2,200 March 17 Sale (535e each) B March 22 Purchase 10 230 2,380 March 27 Sale (5375 each) 12 March 30 Purchase 8 250 2,000 $19,500 0 points 8 010646 Skipped 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. Book Print References Problem 6-2A Part 5 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 Mc 11 Required information Problem 6-2A Part 7 Part 7 of 7 7. If Greg's 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.) pints X 01:05.55 View transaction list Skipped Journal entry worksheet 11 Required information Problem 6-2A Part 7 Part 7 of 7 7. If Greg's 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.) pints X 01:05.55 View transaction list Skipped Journal entry worksheet