Calculate ending inventory and cost of goods sold at March 31, using the specific identification method. !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 ofMarch. Greg's Bicycle Shop uses a periodic inventory system.DateTransactionsUnitsUnit CostTotal CostMarchBeginning inventorySale ($320 each)$ 210$ 4,200120March515MarchMarch9Purchase102302,300Sale ($370 each)PurchaseSale ($395 each)Purchase178March22102402,400March2712March3072601,820$10,720For the specific identification method, the March 5 sale consists of bikes from beginning inventory, the March 17 saleconsists of bikes from the March 9 purchase, and the March 27 sale consists of four bikes from beginning inventory andeight bikes from the March 22 purchase.rev: 02_28_2017_QC_CS-80932, 04_13_2020_QC_CS-208026Required:1. Calculate ending inventory and cost of goods sold at March 31, using the specific identification method.Ending inventoryCost of goods sold

Name: Calculate ending inventory and cost of goods sold at March 31, using t
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Calculate ending inventory and cost of goods sold at March 31, using the specific identification method. !Required information[The following information applies to the questions displayed below.]Greg's Bicycle Shop has the following transactions rela

Ending Inventory = Total cost of goods available for sale - Cost of goods available for sale

Business

Accounting

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 $ 210 Date Transactions Units Total Cost March $ 4,200 Beginning inventory Sale ($320 each) Purchase Sale ($370 each) 1 20 March 5 15 March 9 10 230 2,300 March 17 8 March 22 Purchase 10 240 2,400 March 27 Sale ($395 each) 12 March 30 Purchase 7 260 1,820 $10,720 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. rev: 02_28_2017_QC_CS-80932, 04_13_2020_QC_CS-208026 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 $ 210 Date Transactions Units Total Cost March $ 4,200 Beginning inventory Sale ($320 each) Purchase Sale ($370 each) 1 20 March 5 15 March 9 10 230 2,300 March 17 8 March 22 Purchase 10 240 2,400 March 27 Sale ($395 each) 12 March 30 Purchase 7 260 1,820 $10,720 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. rev: 02_28_2017_QC_CS-80932, 04_13_2020_QC_CS-208026 Required: 1. Calculate ending inventory and cost of goods sold at March 31, using the specific identification method. Ending inventory Cost of goods sold

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Required:Hemming uses a periodic inventory system. (a) Determine the costs assigned to ending inventory and to cost of goods sold using FIFO.
Please proper solution and introduction and without plagiarism
Please see image
Record the end of period adjustment to determine the amount of cost of goods sold, including any "book-to-physical" adjustment that might be needed.
Please do not give image format
Identify which of the following statement is correct for perpetual inventory system? Under the perpetual Inventory system, on the purchase of Inventory purchase account is debited. When valuing ending Inventory under a perpetual Inventory system, oldest units purchased during the period using FIFO are allocated to the cost of goods sold when units are sold. When valuing ending Inventory under a perpetual Inventory system, weighted average cost method requires that a new weighted average unit cost be calculated after every sale. 09/03/2024 15:01 When valuing ending Inventory under a perpetual inventory system, valuation using weighted average is the same as the valuation using weighted average under the periodic Inventory system.
Jenbright Incorporated adopted the dollar-value LIFO method last year. Last year's ending inventory was $53,700. The ending inventory for the current year at year-end (FIIFO) costs is $98,000 and on a dollar-value LIFO basis is $76,520. Based on this information, prepare the journal entry required to adjust Jenbright's ending inventory from a FIFO to a dollar-value LIFO basis. Prepare the journal entry required to adjust Jenbright's ending inventory from a FIFO to a dollar-value LIFO basis. (Record debits first, then credits. Exclude explanations from any journal entries.) Record the adjusting entry for the current year. Account Year-end
Coronado uses LIFO inventory costing. At January 1, 2020, inventory was $427,200 at both cost and market value. At December 31, 2020, the inventory was $543,600 at cost and $511,200 at market value. Prepare the necessary December 31 entry under (a) the cost-of-goods-sold method and (b) loss method. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit (a) (b)
The cost of merchandise sold and merchandise inventory is determined from the inventory cost flow assumption. To illustrate, beginning inventory, purchases and sales of shoes are shown below for Grant Co., using a perpetual inventory system. 1. In the table below, fill in the March 24 quantity, unit cost, and total cost in the spaces provided for determining Cost of Merchandise Sold (COMS) and Merchandise Inventory under the FIFO cost flow assumption, assuming 32 shoes are sold on March 24. Determine the COMS and Merchandise inventory final balances. If units are in inventory or are listed under cost of merchandise sold at two different costs, enter the units that were purchased earliest first. 2. In the table below, fill in the March 24 quantity, unit cost, and total cost in the spaces provided for determining Cost of Merchandise Sold (COMS) and Merchandise Inventory under the LIFO cost flow assumption, assuming 32 shoes are sold on March 24. Determine the COMS and Merchandise…
The Company uses a periodic inventory system. For specific identification, ending inventory consists of 200 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory. Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification, (b) weighted average, (c) FIFO, and (d) LIFO. Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. (Round cost per unit to 2 decimal places.)
How do you calculate the total amount to be assigned to the ending inventory and cost of goods sold December 31 under each of the following methods?
WMC uses a periodic inventory system and the FIFO cost method. Required: 1. Determine the effect of these errors on retained earnings at January 1, 2021, before any adjustments. (Ignore income taxes.) 2. Prepare a journal entry to correct the errors.