Problem 6-2A (Algo) Calculate ending inventory, cost of goods sold, sales revenue, and gross profit for four inventory methods (LO6-3, 6-4, 6-5)

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

1. Calculate ending inventory and cost of goods sold at March 31, using the specific identification method. 2. Using FIFO, calculate ending inventory and cost of goods sold at March 31. 3. Using LIFO, calculate ending inventory and cost of goods sold at March 31. 4. Using weighted-average cost, calculate ending inventory and cost of goods sold at March 31. 5. Calculate sales revenue and gross profit under each of the four methods. 6. Comparing FIFO and LIFO, which one provides the more meaningful measure of ending inventory? 7. If Ariana Bicycle Shop chooses to report inventory using LIFO instead of FIFO, record the LIFO adjustment.

Problem 6-2A (Algo) Calculate ending inventory, cost of goods sold, sales revenue, and gross profit for four inventory methods (LO6-3, 6-4, 6-5) Ariana Bicycle Shop has the following transactions related to its top-selling Mongoose mountain bike for the month of March, Ariana 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: 1. Calculate ending inventory and cost of goods soid at March 31, using the specific identification method. 2. Using FIFO, calculate ending inventory and cost of goods sold at March 31 . 3. Using UFO, calculate ending inventory and cost of goods sold at March 31 . 4. Using weighted-average cost, calculate ending inventory and cost of goods sold at March 31 5. Calculate sales revenue and gross profit under each of the four methods: 6. Comparing FIFO and LIFO, which one provides the more meaningful measure of ending inventory? 7. If Ariana Bicycle Shop chooses to report inventory using LFFO instead of FFO, record the LIFO adjustment. Complete this question by entering your answers in the tabs below. Complete this question by entering your answers in the tabs below. Calculate ending inventory and cost of goods sold at March 31 , using the specific identification method. Complete this question by entering your answers in the tabs below. Using FIFO, calculate ending inventory and cost of goods soid at March 31 . Complete this question by entering your answers in the tabs below. Using LIFO, calculate ending inventory and cost of goods sold at March 31 . Complete this question by entering your answers in the tabs below. Using weighted-average cost, calculate ending inventory and cost of goods sold at March 31. (Round your intermediate calculations to 4 decimal places and final answers to 2 decimal places.) Complete this question by entering your answers in the tabs below. Calculate sales revenue and gross profit under each of the four methods. (Round weighted-average unit cost amounts to 4 decimal places.) Complete this question by entering your answers in the tabs below. Comparing FIFO and LIFO, which one provides the more meaningful measure of ending inventory? transaction/event, select "No Journal Entry Required"in the first account fleld.) Journal entry worksheet Note: Enter debits before credits