Problem $6-2$A $($Algo$)$ Calculate ending inventory, cost of goods sold, sales revenue, and gross profit for four inventory methods $($LO$6-3,6-4,6-5)$

George Bicycle Shop has the following transactions related to its top$-$selling Mongoose mountain bike for the month of March. George 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 cos$\text{'}$ 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 George 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 $3$

Required $5$

Required $6$

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

Ending inventory

Cost of goods sold