mgmiddleware"-252 k Chapter 16 Help 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. Date Transactions Units Unit Cost March Beginning inventory Total Cost $180 March 5 Sale (5260 each) $3,600 15 Purchase 200 2,000 March 17 Sale ($310 cach ) 10 2,100 Sale ($135 each ) March 30 Purchase 230 1.610 $9,310 1 20 March 9 10 March 22 March 27 Purchase 210 12 7 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. 2. Using FIFO, calculate ending inventory and cost of goods sold at March 31 Ending inventory Cost of goods sold 1 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 Date Transactions Units 1 Beginning inventory $180 $3,600 March Sale ($260 each) Purchase Sale ($310 each) Purchase Sale $335 each) Purchase 1,610 $9,310 Unit Cost Total cost 20 200 2,000 March 5 March 9 March 17 March 22 March 27 March 30 15 "10 8 10 12 7 210 2,100 230 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. 3. Using LIFO, calculate ending inventory and cost of goods sold at March 31. Ending inventory Cost of goods sold 21 23 of 24 Next > 19 20 ANTYTE 11 ---- 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 $180 Total Cost $3,600 Date March 1 March 5 March 9 March 17 March 22 March 27 March 30 Transactions Beginning inventory Sale ($260 each) Purchase Sale ($310 each) Purchase Sale ($335 each) Purchase Units 20 15 10 8 10 "12 7 200 2,000 210 2,100 230 1,610 $9,310 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 de places.) Specific Identification FIFO LIFO Weighted- average cost Sales revenue Cost of goods sold Gross profit 21 22 23