Required informationProblem 6-2A Calculate ending inventory, cost of goods sold, sales revenue, and gross profit for fourinventory 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 ofMarch. Greg's Bicycle Shop uses a periodic inventory system.TransactionsBeginning inventoryDateUnitsUnit CostTotal CostMarch 120$ 200$ 4,000March 5Sale ($300 each)15March 9Purchase102202,200March 17Sale ($350 each)8March 22Purchase102302,300March 27March 30Sale ($375 each)Purchase1282502,000$10,500For 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.Problem 6-2A Part 55. Calculate sales revenue and gross profit under each of the four methods. (Round weighted-average cost amounts to 2 decimalplaces.)Sales revenueCost of goods soldGross profitSpecificIdentificationWeighted-FIFOLIFOaverage 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. Transactions Total Cost Date March 1 Beginning inventory Units 20 Unit Cost $200 $ 4,000 March 5 Sale ($300 each) 15 March 9 Purchase 10 220 2,200 March 17 Sale ($350 each) 8 March 22 March 27 March 30 Purchase 10 230 2,300 Sale ($375 each) Purchase 12 8 250 2,000 $10,500 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. 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.) Sales revenue Cost of goods sold Gross profit Specific Identification Weighted- FIFO LIFO 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. Transactions Total Cost Date March 1 Beginning inventory Units 20 Unit Cost $200 $ 4,000 March 5 Sale ($300 each) 15 March 9 Purchase 10 220 2,200 March 17 Sale ($350 each) 8 March 22 March 27 March 30 Purchase 10 230 2,300 Sale ($375 each) Purchase 12 8 250 2,000 $10,500 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. 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.) Sales revenue Cost of goods sold Gross profit Specific Identification Weighted- FIFO LIFO average cost

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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