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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
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 Total Cost March Beginning inventory 20 $155 $3,100 March 5 Sale ($210 each) 15 March 9 Purchase 10 175 1,750 March 17 Sale ($260 each) March 22 Purchase 10 185 1,850 March 27 Sale ($285 each) 12 March 30 Purchase 9 205 1,845 $8,545 8 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. 5. Calculate sales revenue and gross profit under each of the four methods. (Round weighted-average cost amounts to 2 decimal places.) Specific Identication FIFO LIFO Wolghted average cost Sales revenue Cost of goods sold Gross profit
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