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 Transactions Units Unit Cost Total cost March 1 Beginning inventory 20 $ 235 $ 4,700 March 5 Sale ($370 each) 15 March Purchase 10 255 2,550 Sale ($420 each) Purchase 265 2,650 March 27 Sale ($445 each) Purchase 285 2,565 $12,465 9 March 17 March 22 8 10 12 9 March 30 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 $ 8,904 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 $235 Transactions Beginning inventory Sale $370 each) Purchase Sale ($420 each) Purchase Sale (5445 each) Purchase Date March 1 March 5 March 9 March 17 March 22 March 27 March 30 255 Units 20 15 10 8 10 12 9 Total cost $ 4,700 2.550 2,650 265 285 2,565 $12,465 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 3.561 Ending inventory Cost of goods sold $ $ 8.904 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 transactions Units Unit Cost Total Cont March 1 Beginning Inventory 20 $ 235 $4,700 March 5 Sale ($370 each 15 March 9 Purchase 10 255 2.550 Sale $420 each) March 22 Purchase 10 265 2,650 Sale (5445 each) 12 March 30 Purchase 9 285 2.565 $12,465 March 17 8 March 27 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. 3. Using LIFO, calculate ending inventory and cost of goods sold at March 31 Ending inventory Cont of goods sold $ $ 3.561 3,904 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 $235 Total cost $.4,700 255 Date March 1 March 5 March 9 March 17 March 22 March 27 March 30 Transactions Beginning inventory Sale ($370 each) Purchase Sale (420 each) Purchase Sale (6445 each) Purchase Units 20 15 10 8 10 12 9 2,550 265 2,650 285 2,565 $12,465 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 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 Transactions Units Unit Cost Total cost March 1 Beginning inventory 20 $ 235 $ 4,700 March 5 Sale ($370 each) 15 March Purchase 10 255 2,550 Sale ($420 each) Purchase 265 2,650 March 27 Sale ($445 each) Purchase 285 2,565 $12,465 9 March 17 March 22 8 10 12 9 March 30 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 $ 8,904 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 $235 Transactions Beginning inventory Sale $370 each) Purchase Sale ($420 each) Purchase Sale (5445 each) Purchase Date March 1 March 5 March 9 March 17 March 22 March 27 March 30 255 Units 20 15 10 8 10 12 9 Total cost $ 4,700 2.550 2,650 265 285 2,565 $12,465 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 3.561 Ending inventory Cost of goods sold $ $ 8.904 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 transactions Units Unit Cost Total Cont March 1 Beginning Inventory 20 $ 235 $4,700 March 5 Sale ($370 each 15 March 9 Purchase 10 255 2.550 Sale $420 each) March 22 Purchase 10 265 2,650 Sale (5445 each) 12 March 30 Purchase 9 285 2.565 $12,465 March 17 8 March 27 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. 3. Using LIFO, calculate ending inventory and cost of goods sold at March 31 Ending inventory Cont of goods sold $ $ 3.561 3,904 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 $235 Total cost $.4,700 255 Date March 1 March 5 March 9 March 17 March 22 March 27 March 30 Transactions Beginning inventory Sale ($370 each) Purchase Sale (420 each) Purchase Sale (6445 each) Purchase Units 20 15 10 8 10 12 9 2,550 265 2,650 285 2,565 $12,465 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