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. sactions Beginning inventory Sale ($350 each) Purchase Date March 1 Units 20 Unit Cost Total Cost $225 $4,500 March 5 15 March 9 March 17 March 22 March 27 March 30 10 245 2,450 Sale ($400 each) Purchase B 10 255 2,550 Sale ($425 each) Purchase 12 7 275 1,925 $11,425 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 11 Required 2 Required 3 Required 5 Required 4 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 ge Bicycle Shop has the following transactions related to its top-selling Mongoose mountain bike for the month of Marc ge Bicycle Shop uses a periodic inventory system. te ch 1 ch 5 ch 9 ch 17 Transactions Beginning inventory Sale ($350 each) Purchase Sale ($400 each) Units 20 Unit Cost Total Cost $225 $4,500 15 10 245 2,450 8 ch 22 10 255 2,550 ch 27 ch 30 Sale ($425 each) 12 Purchase 7 275 1,925 $11,425 Purchase he specific identification method, the March 5 sale consists of bikes from beginning inventory, the March 17 sale consist s from the March 9 purchase, and the March 27 sale consists of four bikes from beginning inventory and eight bikes fro March 22 purchase. uired: alculate ending inventory and cost of goods sold at March 31, using the specific identification method. sing FIFO, calculate ending inventory and cost of goods sold at March 31. sing LIFO, calculate ending inventory and cost of goods sold at March 31. sing weighted-average cost, calculate ending inventory and cost of goods sold at March 31. alculate sales revenue and gross profit under each of the four methods. omparing FIFO and LIFO, which one provides the more meaningful measure of ending inventory? 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. equired 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 ing FIFO, calculate ending inventory and cost of goods sold at March 31. ding inventory st of goods sold < Required 1 Required 3> for four inventory methods (LO6-3, 6-4, 6-5) of goods sold, sales revenue, and gross profit 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 Beginning inventory Sale ($350 each) Purchase Date March 1 Units 20 Unit Cost Total Cost $225 $4,500 March 5 March 9 March 17 March 22 March 27 March 30 15 10 245 2,450 Sale ($400 each) Purchase B 10 255 2,550 Sale ($425 each) 12 Purchase 275 1,925 $11,425 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 Using LIFO, calculate ending inventory and cost of goods sold at March 31. Ending inventory, Cost of goods sold 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 Beginning inventory Sale ($350 each) Purchase Date March 1 March 5 March 9 March 17 March 22 March 271 March 30 Sale ($425 each) Purchase Sale ($400 each) Purchase Units 20 Unit Cost $225 Total Cost $4,500 15 10 245 2,450 255 2,550 275 1,925 $11,425 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 wiventory 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 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 Date March 1 March 5 March 9 March 17. Units 20 Sale ($350 each) 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 Beginning inventory Unit Cost Total Cost $225 $4,500 15 Purchase 10 245 2,450 Sale ($400 each) March 22 March 27 March 30 Purchase 10 255 2,550 Sale ($425 each) Purchase 12 275 1,925 $11,425 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 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 < Required 4 Required 6 > Date March 1 Units 20 March 5 March 9 March 17 Sale ($350 each) Purchase 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 Beginning inventory Unit Cost Total Cost $225 $4,500 15 10 245 2,450 March 22 March 27 March 30 Sale ($400 each) Purchase 8 10 255 2,550 Sale ($425 each) Purchase 12 7 275 1,925 $11,425 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 Comparing FIFO and LIFO, which one provides the more meaningful measure of ending inventory? Comparing FIFO and EIFO, which one provides the more meaningful measure of ending inventory? Beginning Inventory 20 $225 $4,500 March March 9 51 Sale ($350 each) 15 Purchase 10 245 2,450 March 17 Sale (5400 each) March 22 March 27 March 301 Purchase 10 255 2,550 Sale ($425 each) Purchase 12 27% 1,925 $11,425 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 o Required 7 If George Bicycle Shop chooses to report inventory using LIFO instead of FIFO, record the LIFO adjustment. (If no entry is required 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 Required 6 View general journal Resice *** Mart 3