Unit Cost $220 Total Cost $ 4,400 240 Date March 1 March 5 March 9 March 17 March 22 March 27 March 2,400 Transactions Beginning inventory Sale ($340 ach) Purchase Sale ($390 each) Purchase Sale ($415 each) Purchase Units 20 15 10 8 10 12 9 250 2,500 270 2,430 $11,730 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 elght 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. Date Transactions Units Unit Cost Total Cost March 1 Beginning inventory 20 $ 220 $4,400 March 5 Sale ($340 each) 15 March 9 Purchase 10 240 2,400 March 17 Sale (5390 each) 8 March 22 Purchase 10 250 2,500 March 27 Sale ($415 each) 12 March 30 Purchase 9 270 2,430 $11,730 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 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 $ 220 Total Cost $ 4,400 240 2,400 Date March March March March March March March 1 5 9 17 22 27 30 Transactions Beginning inventory Sale ($340 each) Purchase Sale (5390 each) Purchase Sale ($415 each) Purchase Units 20 15 10 8 10 12 9 250 2,500 270 2,430 $11,730 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 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 $ 220 $4,400 March 5 Sale ($340 each) 15 March 9 Purchase 10 2,400 March 17 Sale ($390 each) March 22 Purchase 10 250 2,500 March 27 Sale ($415 each) March Purchase 9 270 2.430 $11,730 240 8 12 3e 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. es 5. Calculate sales revenue and gross profit under each of the four methods. (Round weighted average cost amounts to 2 dec places.) Specific Identification FIFO LIFO Welghted- average cost Sales revenue Cost of goods sold Gross profit Journal entry worksheet 1 Record the LIFO adjustment. Note: Enter debits before credits. General Journal Debit Credit Date March 31 Record entry Clear entry View general journal 8 Use the following information 6 point Net sales Cost of goods sold Besinning inventory Ending Inventory $215,000 152,000 411,000 38.000 ebook Print o. Calculate the inventory turnover ratio (Round your answer to 1 decimal ploce.) Reference Inventory turnover times b. Calculate the average days in inventory (Assume 365 days in a year. Round your intermediate calculations and final answer to 1 decimal place.) Average days in inventory days c. Calculate the gross profit ratio. (Round your answer to 2 decimal place.) Gloss profitto