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These are all part of the same problem just in different parts/sections, if you could please explain how you got it that would be greatly
These are all part of the same problem just in different parts/sections, if you could please explain how you got it that would be greatly appreciated!!
Required information Problem 6-2A Calculate ending inventory, cost of goods sold, sales revenue, and gross profit for four inventory methods (LO6-3, 6-4,6-5) [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 Date March 1 March 5 March 9 March 17 March 22 March 27 March 30 205 Transactions Beginning inventory Sale ($270 each) Purchase Sale ($320 each) Purchase Sale ($345 each) Purchase Units 20 15 10 8 10 2,050 215 2,150 12 9 235 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 chase. Problem 6-2A Part 1 Required: 1. Calculate ending inventory and cost of goods sold at March 31, using the specific identification method. Ending inventory Cost of goods sold Problem 6-2A Part 2 2. Using FIFO, calculate ending inventory and cost of goods sold at March 31. Ending inventory Cost of goods sold Problem 6-2A Part 3 3. Using LIFO, calculate ending inventory and cost of goods sold at March 31. Ending inventory Cost of goods sold Problem 6-2A Part 4 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 Problem 6-2A Part 5 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 Problem 6-2A Part 7 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 worksheetStep by Step Solution
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