Multipart questions about FIFO/LIFO, Inventory and cost of goods!
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. Units Unit Cost $180 Total Cost $3,600 200 2,000 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 210 2,100 230 1,610 $9,310 Fequired: - Calculate ending inventory and cost of goods sold at March 31, using the specific identification method. The March 5 sale consists of ikes from beginning inventory, the March 17 sale consists of bikes from the March 9 purchase, and the March 27 sale consists of four ikes from beginning inventory and eight bikes from the March 22 purchase. Ending inventory Cost of goods sold 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. Units Unit Cost $180 Total Cost $3,600 15 200 2,000 Date March 1 March 5 March 9 March 17 March 22 March 27 March 30 Transactions Beginning inventory Beginnin Sale ($260 each) Purchase Sale ($310 each) Purchase Sale ($335 each) Purchase 10210 2,100 1,610 $9,310 2. Using FIFO, calculate ending inventory and cost of goods sold at March 31. Ending inventory Cost of goods sold 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. Units Unit Cost $180 Total Cost $3,600 20 200 2,000 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 . 210 2,100 v 230 1,610 $9,310 3. Using LIFO, calculate ending inventory and cost of goods sold at March 31. Ending inventory Cost of goods sold 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. Units Unit Cost $180 Total Cost $3,600 20 15 2,000 Date Transactions March 1 Beginning inventory March 5 Sale ($260 each) March 9 Purchase March 17 Sale ($310 each) March 22 Purchase March 27 Sale ($335 each) March 30Purchase No. 210 2,100 1,610 $9,310 . Using weighted average cost, calculate ending inventory and cost of goods sold at March 31. (Round your intermediate and final unswers to 2 decimal places.) Ending inventory Cost of goods sold 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. Units Unit Cost $180 Total Cost $3,600 10 200 2,000 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 210 2,100 230 1,610 $9, 310 5. Calculate sales revenue and gross profit under each of the four methods. (Round weighted average cost amounts to 2 decimal places.) IC Identification F IFO LIFO Weighted-average cost Sales revenue 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. Units Unit Cost $180 Total Cost $3,600 200 2,000 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 o 900 ONN 210 2,100 230 1,610 $9, 310 6. Comparing FIFO and LIFO, which one provides the more meaningful measure of ending inventory? VIEW I alsoLIUS Journal entry worksheet Record the LIFO adjustment. Note: Enter debits before credits. General Journal Debit Credit Date March 31 Record entry Clear entry View general journal
