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I am so confused can someone explain this to me please Check my w Required information Problem 6-2A Calculate ending inventory, cost of goods sold,
I am so confused can someone explain this to me please
Check my w Required information Problem 6-2A Calculate ending inventory, cost of goods sold, sales revenue, and gross profit for four inventory methods (L06-3, 6-4,6-5) [The following information applies to the questions displayed below.) 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. Unit Cost $ 165 Date March 1 March 5 March 9 March 17 March 22 March 27 March 30 Total Cost $3,300 Transactions Beginning inventory Sale ($230 each) Purchase Sale ($280 each) Purchase Sale ($305 each) Purchase Units 20 15 10 185 1,850 195 1,950 10 12 7 215 1,505 $8,605 5 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. Problem 6-2A Part 1 Required: 1. Calculate ending inventory and cost of goods sold at March 31, using the specific identification method. Ending inventory Cost of goods sold consists of bikes from the March 9 purchase, and the March 27 sale consists of four bikes from and eight bikes from the March 22 purchase. Problem 6-2A Part 2 2. Using FIFO, calculate ending inventory and cost of goods sold at March 31. Ending inventory Cost of goods sold 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. Problem 6-2A Part 5 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 OCT 22 A Step by Step Solution
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