Questions

3. Using LIFE}, calculate ending inventory and cost of goods sold at March 31. Ending inventory _ Cost of goods sold _ Required information 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 Beginning inventory 20 $ 205 $ 4, 100 March Sale ($310 each) 15 March Purchase 10 225 2, 250 March 17 Sale ($360 each) 8 March 22 Purchase 10 235 2, 350 March 27 Sale ($385 each) 12 March 30 Purchase 9 255 2, 295 $10, 995 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 2 2. Using FIFO, calculate ending inventory and cost of goods sold at March 31. Ending inventory Cost of goods sold