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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

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.] Gregs 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 $ 5,000
March 5 Sale ($400 each) 15
March 9 Purchase 10 270 2,700
March 17 Sale ($450 each) 8
March 22 Purchase 10 280 2,800
March 27 Sale ($475 each) 12
March 30 Purchase 9 300 2,700
$ 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.

rev: 04_13_2020_QC_CS-208026

Problem 6-2A Part 1

Required:

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

Ending inventory

Cost of goods sold

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