! Required information (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. March Unit Cost $ 185 Total Cost $ 3,700 205 Date 1 1 March 5 March 9 March 17 March 22 March 27 March 30 Transactions Beginning inventory Sale ($270 each) Purchase Sale ($320 each) Purchase Sale ($345 each) Purchase Units 20 15 10 8 10 12 9 2,050 215 2,150 235 2, 115 $10,015 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. 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.) Ending inventory Cost of goods sold Required information (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 Unit Cost $ 185 Total Cost $ 3,700 205 2,050 March 1 March 5 March 9 March 17 March 22 March 27 March 30 Transactions Beginning inventory Sale ($270 each) Purchase Sale ($320 each) Purchase Sale ($345 each) Purchase Units 20 15 10 8 10 12 9 215 2,150 235 2,115 $10,015 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. 5. Calculate sales revenue and gross profit under each of the four methods. (Round weighted-average cost amounts to 2 decimal places.) Specific Identification FIFO LIFO Weighted- average cost Sales revenue Gross profit Required information (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. Unit Cost $ 185 Total Cost $ 3,700 205 2,050 Date March March March March March March March 1 5 9 17 22 27 30 Transactions Beginning inventory Sale ($270 each) Purchase Sale ($320 each) Purchase Sale ($345 each) Purchase Units 20 15 10 8 10 12 9 215 2,150 235 2, 115 $10,015 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. 7. If Greg's Bicycle Shop chooses to report inventory using LIFO instead of FIFO, record the LIFO adjustment. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Answer is not complete. General Journal No Credit Date March 31 Debit 200X 1 Cost of Goods Sold Inventory
