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Chapter #6 Help Save & CI 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 Unit Cost 205 Total Cost $4,100 Units 20 15 10 225 2,250 Date March 1 March 5 March 9 March 17 March 22 March 27 March 30 Transactions Beginning inventory Sale $310 each) Purchase Sale ($360 each) Purchase Sale (6385 each) Purchase 2,350 $10.995 Required: 1. Calculate ending inventory and cost of goods sold at March 31, using 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, Ending inventory Cost of goods sold Horoho mework Chapter #6 0 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 Total Cost $4,100 01:30:54 Date March 1 March 5 March 9 March 17 March 22 March 27 March 30 2.250 Transactions Beginning inventory Sale ($310 each) Purchase Sale ($360 each) Purchase Sale ($385 each) Purchase 225 kipped March Purch (3360 each) 2,350 2,295 $10.995 rint 2. Using FIFO, calculate inventory and cost of goods sold at March 31 Tences 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 mou March. Greg's Bicycle Shop uses a periodic inventory system. Units 20 Unit Cost Total Cost $ 4,100 205 1:30:38 N in Date March 1 March 5 March 9 March 17 March 22 March 27 March 30 Transactions Beginning inventory Sale ($310 each) Purchase Sale ($360 each) Purchase Sale ($385 each) Purchase 2,250 ped 2,350 un 2,295 $10,995 3. Using LIFO, calculate ending inventory and cost of goods sold at March 31. nces Ending inventory Cost of goods sold ework Chapter 46 0 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. Total Cost Units 20 Unit Cost $205 $4,100 130:12 Date March 1 March 5 Harch March 17 March 22 March 27 March 30 2.250 Transactions Beginning inventory Sale $310 each) Purchase Sale ($360 each) Purchase Sale ($385 each) Purchase ped 235 2.350 2.295 $10,995 4. Using weighted-average cost, calculate ending inventory and cost of goods sold at March 31. (Round your intermediate and final answers to 2 decimal places.) Ending Inventory Cost of goods sold work Chapter 46 0 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. Unit Cost $ 205 Total Cost 2.250 Date March 1 March 5 March 9 March 17 March 22 March 27 March 30 Transactions Beginning inventory Sale $310 each) Purchase Sale ($360 each) Purchase Sale $385 each) Purchase 2.295 $10.995 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 L IFO Weighted- average cost Sales revenue Gross profit * Chapter #6 Saved Help Save & Exit Check 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. Total Cost Transactions Mareh Beginning inventory March 5 Sale $310 each) March 9 Purehase March 17 Sale $360 each) March 22 Purehase March 27 Sale 385 each) March 30Parehase 2.250 $10.995 7. If Greg's Bicycle Shop chooses to report inventory using LIFO instead of FIFO, record the LIFO adjustment. (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) View transaction list Journal entry worksheet Record the LIFO adjustment Note: Enter debits before credits Date General Journal Debit Credit s prov a s of 24 Next >
