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 $ 215 Total Cost $ 4,300 Date March 1 March 5 March 9 March 17 March 22 March 27 March 30 Transactions Beginning inventory Sale (5330 each) Purchase Sale ($380 each) Purchase Sale ($405 each) Purchase Units 20 15 10 8 10 12 8 235 2,350 245 2,450 265 2, 120 $11,220 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. Required: 1. Calculate ending Inventory and cost of goods sold at March 31, using the specific identification method. Ending inventory Cost of goods sold 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 $ 215 Total Cost $ 4,300 Date March 1 March 5 March 9 March 17 March 22 March 27 March 30 Transactions Beginning inventory Sale ($330 each) Purchase Sale ($380 each) Purchase Sale ($405 each) Purchase Units 20 15 10 8 10 12 8 235 2,350 245 2,450 265 2,120 $11,220 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. 2. Using FIFO, calculate ending Inventory and cost of goods sold at March 31. Ending inventory Cost of goods sold 3. Using LIFO, calculate ending inventory and cost of goods sold at March 31. Ending inventory Cost of goods sold 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 1 Beginning inventory 20 $ 215 March 5 Sale ($330 each) $ 4,300 15 March 9 Purchase 10 235 March 17 Sale ($380 each) 2,350 8 March 22 Purchase 10 245 March 27 Sale ($405 each) 2,450 12 March 30 Purchase 8 265 2,120 $11,220 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 5. Calculate sales revenue and gross profit under each of the four methods. (Round weighted average cost am places.) Specific Identification FIFO LIFO Weighted average cost Sales revenue Cost of goods sold Gross profit 7. If Greg's Bicycle Shop chooses to report inventory using LIFO instead of FIFO, record the LIFO adjustment. (If no entry for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet
