Gregs Bicycle Shop has the following transactions related to its top-selling Mongoose mountain bike for the month of March 2015. Greg's Bicycle Shop uses a periodic inventory system.

Date

Transactions

Units

Cost per Unit

Total Cost

March 1

Beginning inventory

20

$180

$

3600

March 5

Sale ($380 each)

15

March 9

Purchase

10

200

2,000

March 17

Sale ($430 each)

8

March 22

Purchase

10

210

2,100

March 27

Sale ($455 each)

12

March 30

Purchase

7

230

1610

$

9310

Required:
1.	Calculate ending inventory and cost of goods sold at March 31, using 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.

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, 2015.(Round your intermediate and final answers to 2 decimal places.)

5.

Calculate sales revenue and gross profit under each of the four methods.(Round weighted-average cost amounts to 2 decimal places.) 6. Comparing FIFO and LIFO, which one provides the more meaningful measure of ending inventory? LIFO FIFO 7. If Gregs 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.)