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I need help with finding the LIFO cost of goods sold and LIFO gross profit Required information [The following information applies to the questions displayed
I need help with finding the LIFO cost of goods sold and LIFO gross profit
Required information [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 Transactions Unit Cost Total Cost Beginning inventory $ 3,900 March Sale ($290 each) 15 Units 20 $ 195 215 2,150 Date March 1 5 March 9 March 17 March 22 March 27 March 30 Purchase Sale (5340 each) Purchase Sale (5365 each) Purchase 10 8 10 12 7 225 2,250 245 1,715 $10,015 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 OLIO Weighted 215 2,150 March > March 9 March 17 March 22 March 27 March 30 Sate (>29 each) Purchase Sale (5340 each) Purchase Sale (5365 each) Purchase 35 10 8 10 12 7 225 2,250 245 1,715 $10,015 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. 6. Calculate sales revenue and gross profit under each of the four methods. (Round weighted average cost amounts to 2 decimal places.) Sales revenue Cost of goods sold Gross profit Specific FIFO LIFO Weighted Identification average cost $ 11,450 $ 11,450 $ 11,450 $ 11,450.00 7.225 7.175 7,458 00 5 4,225 5 4 275 $ 3,99200 Step by Step Solution
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