Gregs 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

Cost per Unit

Total Cost

March 1

Beginning inventory

20

$180

$

3,600

March 5

Sale ($260 each)

15

March 9

Purchase

10

200

2,000

March 17

Sale ($310 each)

8

March 22

Purchase

10

210

2,100

March 27

Sale ($335 each)

12

March 30

Purchase

7

230

1,610

$

9,310

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.

Ending inventory
Cost of goods sold

2. Using FIFO, calculate ending inventory and cost of goods sold at March 31.

Ending inventory
Cost of goods sold

3. Using LIFO, calculate ending inventory and cost of goods sold at March 31.

Ending inventory
Cost of goods sold

4. Using weighted-average cost, calculate ending inventory and cost of goods sold at March 31. (Round your intermediate and final answers to 2 decimal places.)

Ending inventory
Cost of goods sold

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