Problem $6-2$A $($Algo$)$ Calculate ending inventory, cost of goods sold, sales revenue, and gross profit for

four inventory methods $($LO$6-3,6-4,6-5)$

Mitchell Bicycle Shop has the following transactions related to its top$-$selling Mongoose mountain bike for the month of March. Mitchell

Bicycle Shop uses a periodic inventory system.

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.

Required:

Calculate ending inventory and cost of goods sold at March $31,$ using the specific identification method.

Using FIFO, calculate ending inventory and cost of goods sold at March $31.$

Using LIFO, calculate ending inventory and cost of goods sold at March $31.$

Using weighted$-$average cost, calculate ending inventory and cost of goods sold at March $31.$

Calculate sales revenue and gross profit under each of the four methods.

Comparing FIFO and LIFO, which one provides the more meaningful measure of ending inventory?

If Mitchell Bicycle Shop chooses to report inventory using LIFO instead of FIFO, record the LIFO adjustment.

Complete this question by entering your answers in the tabs below.

Required $2$

Required $6$

If Mitchell 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.$)$