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 $ 240 Total Cost $ 4,800 260 Date March 1 March March 9 March 17 March 22 March 27 March 30 Transactions Beginning inventory Sale ($380 each) Purchase Sale ($430 each) Purchase Sale ($455 each) Purchase Units 20 15 10 8 10 12 7 2,600 270 2,700 290 2,030 $12,130 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.) 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 $ 240 Total Cost $ 4,800 260 Date March March March March March March March Transactions Beginning inventory Sale ($380 each) Purchase Sale ($430 each) Purchase Sale ($455 each) Purchase 9 17 22 27 30 Units 20 15 10 8 10 12 7 2,600 270 2,700 290 2,030 $12,130 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 Cost of goods sold Gross profit $ 5,800 S 5,850 $ 5,350 $ 5,567.00 ! 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 $ 240 Total Cost $ 4,800 260 Transactions Beginning inventory Sale ($380 each) Purchase Sale ($430 each) Purchase Sale ($455 each) Purchase Date March 1 March 5 March 9 March 17 March 22 March 27 March 30 Units 20 15 10 8 10 12 7 2,600 270 2,700 290 2,030 $12,130 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. 6. Comparing FIFO and LIFO, which one provides the more meaningful measure of ending inventory? ! 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 $ 240 Total Cost $ 4,800 260 Date March March March March March March March Transactions Beginning inventory Sale ($380 each) Purchase Sale ($430 each) Purchase Sale ($455 each) Purchase 1 5 9 17 22 27 30 2,600 Units 20 15 10 8 10 12 7 270 2,700 290 2,030 $12,130 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.) View transaction list Journal entry worksheet
