Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribed
Problem 6-2A Calculate ending inventory, cost of goods sold, sales revenue, and gross profit for four inventory methods (LO6-3, 6-4, 6-5) [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. Date Transactions Units Unit Cost Total Cost March 1 Beginning inventory 20 $ 250 $ 5,800 March Sale ($400 each) 15 March 9 Purchase 270 2,780 March 17 Sale ($450 each) 8 March 22 Purchase 10 280 2, 800 March 27 Sale ($475 each) 12 March 30 Purchase 9 300 2,708 $13,200 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. Problem 6-2A Part 4 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.) * Answer is complete but not entirely correct. Ending inventory 4.085.70 Cost of goods sold 9. 134.75

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting A User Perspective

Authors: Robert E Hoskin, Maureen R Fizzell, Donald C Cherry

6th Canadian Edition

470676604, 978-0470676608

Students also viewed these Accounting questions