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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

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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. Units Unit Cost $ 210 Total Cost $ 4,200 20 Transactions Beginning inventory Sale ($320 each) Purchase Sale ($370 each) Purchase Sale ($395 each) Purchase 230 Date March March 5 March 9 March 17 March 22 March 27 March 30 2.300 240 2,400 SNOG 1.820 $10.720 Problem 6-2A Part 7 7. If Greg's Bicycle Shop chooses to report inventory using LIFO instead of FIFO, record the LIFO adjustment. (If its entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) Credit Credit 111 LLLL Debit ETC ET DU 3 3 TL E 3 OF 3 EELT 3 TL 3 OE 3 General Journal SO 3 13 S 3 2 0 TL TI Journal entry workshe 53 Record the LIFO adjustm Note: Enter debits befor Date March 31 Che 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. Units Unit Cost $210 Total Cost $ 4,200 Date March 1 March 5 March 9 March 17 March 22 March 27 March 30 Transactions Beginning inventory Sale ($320 each) Purchase Sale ($370 each) Purchase Sale ($395 each) Purchase 10 230 2,300 240 2,400 1.820 $10,720 Problem 6-2A Part 5 5. Calculate sales revenue and gross profit under each of the four methods. (Round weighted average cost amounts to 2 de places.) Specific Identification Sales revenue Gross profit $ $ FIFO 12,500 4,800 L IFO $ 12,500 $ 4,300 Weighted- average cost $ 12,500.00 $ 4,517.02

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