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.DateTransactionsMarch 1 Beginning inventoryMarch 5Sale ($390 each)PurchaseMarch 9March 17Sale ($440 each)March 22PurchaseMarch 27 Sale ($465 each)March 30 PurchaseSales revenueCost of goodssoldGross profitUnits2015SpecificIdentificationFIFO108LIFO10128Unit Cost$245265275For the specific identification method, the March 5 sale consists of bikes from beginning inventory, the March 17 saleconsists of bikes from the March 9 purchase, and the March 27 sale consists of four bikes from beginning inventory andeight bikes from the March 22 purchase.2955. Calculate sales revenue and gross profit under each of the four methods. (Round weighted-average cost amounts to 2 decimalplaces.)Total Cost$ 4,9002,6502,7502,360$12,660Weighted-average cost

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Description: 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.DateTransactionsMarch 1 Beginning inventoryMarch 5Sale ($390 each)Purcha

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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 March 1 Beginning inventory March 5 Sale ($390 each) March 9 Purchase March 17 Sale ($440 each) March 22 Purchase Sale ($465 each) Purchase March 27 March 30 Sales revenue Cost of goods sold Gross profit Units Unit Cost $245 20 15 265 Specific Identification FIFO TESSURSE 10 LIFO 10 12 8 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. 275 5. Calculate sales revenue and gross profit under each of the four methods. (Round weighted-average cost amounts to 2 decimal places.) 295 Total Cost $ 4,900 2,650 2,750 2,360 $12,660 Weighted- average cost

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 March 1 Beginning inventory March 5 Sale ($390 each) March 9 Purchase March 17 Sale ($440 each) March 22 Purchase Sale ($465 each) Purchase March 27 March 30 Sales revenue Cost of goods sold Gross profit Units Unit Cost $245 20 15 265 Specific Identification FIFO TESSURSE 10 LIFO 10 12 8 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. 275 5. Calculate sales revenue and gross profit under each of the four methods. (Round weighted-average cost amounts to 2 decimal places.) 295 Total Cost $ 4,900 2,650 2,750 2,360 $12,660 Weighted- average cost

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 5EB: On April 20, Barrio Bikes purchased 30 bicycles at a cost of $100 per bike. Credit terms were 4/10,...

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