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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

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 $190 $ 3,800
March 5 Sale ($280 each) 15
March 9 Purchase 10 210 2,100
March 17 Sale ($330 each) 8
March 22 Purchase 10 220 2,200
March 27 Sale ($355 each) 12
March 30 Purchase 8 240 1,920
$ 10,020

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.(Round weighted-average cost amounts to 2 decimal places.)

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