FIFO & LIFO

(The following information applies to the questions displayed below.) Greg's Bicycle Shop has the following transactions related to its top-selling Mongoose mountain bi March. Greg's Bicycle Shop uses a periodic inventory system. Unit Cost $ 190 Total Cost $ 3,800 210 Date March 1 March 5 March 9 March 17 March 22 March 27 March 30 2,100 Transactions Beginning inventory Sale ($280 each) Purchase Sale ($330 each) Purchase Sale ($355 each) Purchase Units 20 15 10 8 10 12 8 220 2,200 240 1,920 $10,020 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 beg 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. Ending inventory Cost of goods sold (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 forth March. Greg's Bicycle Shop uses a periodic inventory system. Unit Cost $190 Total Cost $ 3,800 210 2,100 Date March 1 March 5 March 9 March 17 March 22 March 27 March 30 Transactions Beginning inventory Sale ($280 each) Purchase Sale ($330 each) Purchase Sale ($355 each) Purchase Units 20 15 10 8 10 12 8 220 2,200 240 1,920 $10,020 For the specific identification method, the March 5 sale consists of bikes from beginning inventory, the Me consists of bikes from the March 9 purchase, and the March 27 sale consists of four bikes from beginning eight bikes from the March 22 purchase. Problem 6-2A Part 3 3. Using LIFO, calculate ending inventory and cost of goods sold at March 31. Ending inventory Cost of goods sold 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. Unit Cost $190 Total Cost $ 3,800 210 2,100 Date March 1 March 5 March 9 March 17 March 22 March 27 March 30 Transactions Beginning inventory Sale ($280 each) Purchase Sale ($330 each) Purchase Sale ($355 each) Purchase Units 20 15 10 8 10 12 8 220 2,200 240 1,920 $10,020 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 4 4. Using weighted-average cost, calculate ending inventory and cost of goods sold at March 31. (Round your intermediation and final answers to 2 decimal places.) Ending inventory Cost of goods sold ICY > Onye JU DUE RIUNII ERISOLUULISICE IS Wpy IIUITYVUSE HILOHI VIRE IUI VIETUIUI March. Greg's Bicycle Shop uses a periodic inventory system. Unit Cost $ 190 Total Cost $ 3,800 210 2,100 Date March 1 March 5 March 9 March 17 March 22 March 27 March 30 Transactions Beginning inventory Sale ($280 each) Purchase Sale ($330 each) Purchase Sale ($355 each) Purchase Units 20 15 10 8 10 12 8 220 2,200 240 1,920 $10,020 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 5 5. Calculate sales revenue and gross profit under each of the four methods. (Round weighted-average cost amounts to 2 deci places.) Specific Identification FIFO LIFO Weighted average cost Sales revenue Gross profit