thapter 6: Inventory and Cost of Goods Sold 6 Required information (The following information applies to the questions displayed below.) Part 5 of 7 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. 0.9 points Units Unit Cost $175 Total Cost $3,500 Date March 1 March 5 March 9 March 17 March 22 March 27 March 30 Transactions Beginning inventory Sale $250 each) Purchase Sale ($300 each) Purchase Sale ($325 each) Purchase 195 1,950 eBook 205 2,050 1.800 $9.300 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 L IFO Weighted average cost Sales revenue Gross profit Chapter 6: Inventory and Cost of Goods Sold 6 Helps 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. Part 6 of 7 Units Unit Cost $175 Total Cost $3,500 0.9 points Date March 1 March 5 March 9 March 17 March 22 March 27 March 30 195 1.950 Transactions Beginning inventory Sale ($250 each) Purchase Sale $300 each) Purchase Sale ($325 each) Purchase 205 2.050 225 1.800 $9.300 6. Comparing FIFO and LIFO, which one provides the more meaningful measure of ending inventory? References Chapter 6: Inventory and Cost of Goods Sold 6 Hel Required information (The following information applies to the questions displayed below.) Part 7 of 7 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. Units 20 Unit Cost $175 Total Cost $3,500 0.9 points Transactions Beginning inventory Sale ($250 each) Purchase Sale 300 each) Purchase Sale (5325 each) Purchase 195 Date March 1 March 5 March 9 March 17 March 22 March 27 March 30 1,950 205 2,050 225 1.800 $9.300 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.) References View transaction lit Journal entry worksheet Record the LIFO adjustment. Nota terdetits before credits