Problem 6-2A (Algo) Calculate ending inventory, cost of goods sold, sales revenue, and gross profit for four inventory methods (LO6-3, 6-4, 6-5) Ariana Bicycle Shop has the following transactions related to its top-selling Mongoose mountain bike for the month of March. Ariana Bicycle Shop uses a periodic inventory system. Date Transactions Units Unit Cost Total Cost March 1 Beginning inventory 20 S235 S4, 700 March 5 Sale (S370 each) 15 March 9 Purchase 10 255 2,550 March 17 Sale ($420 each) 8 March 22 Purchase 10 265 2,650 March 27 Sale (S445 each) 12 March 30 Purchase 9 285 2,565 $12, 465 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. Required: 1. Calculate ending inventory and cost of goods sold at March 31, using the specific identification method. 2. Using FIFO, calculate ending inventory and cost of goods sold at March 31. 3. Using LIFO, calculate

Problem 6-2A (Algo) Calculate ending inventory, cost of goods sold, sales revenue, and gross profit for four inventory methods (LO6-3, 6-4, 6-5) Ariana Bicycle Shop has the following transactions related to its top-selling Mongoose mountain bike for the month of March. Ariana Bicycle Shop uses a periodic inventory system. Date Transactions Units Unit Cost Total Cost March 1 Beginning inventory 20 S235 S4, 700 March 5 Sale (S370 each) 15 March 9 Purchase 10 255 2,550 March 17 Sale ($420 each) 8 March 22 Purchase 10 265 2,650 March 27 Sale (S445 each) 12 March 30 Purchase 9 285 2,565 $12, 465 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. Required: 1. Calculate ending inventory and cost of goods sold at March 31, using the specific identification method. 2. Using FIFO, calculate ending inventory and cost of goods sold at March 31. 3. Using LIFO, calculate

Name: Problem 6 - 2A (Algo) Calculate ending inventory, cost of goods sold,
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Problem 6 - 2A (Algo) Calculate ending inventory, cost of goods sold, sales revenue, and gross profit for four inventory methods (LO6-3, 6-4, 6-5) Ariana Bicycle Shop has the following transactions related to its top-sellingMongoose mountain bike fo

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

[The following information applies to the questions displayed below.] Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Date March 1 March 5 March 9 March 18 March 25 March 29 Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals Problem 5-1A (Static) Part 2 Ending inventory units Units Acquired at Cost @ $50 per unit @ $55 per unit 100 units 400 units 2. Compute the number of units in ending inventory. 120 units 200 units 820 units FO F9
A-6
Problem 6-2B (Algo) Calculate ending inventory, cost of goods sold, sales revenue, and gross profit for four inventory methods (LO6-3, 6-4, 6-5) Richie's Tennis Shop has the following transactions related to its top-selling Wilson tennis racket for the month of August. Richie's Tennis Shop uses a periodic inventory system. Date August 1 August 4 August 11 August 13 August 20 August 26 August 29 Purchase Transactions Beginning inventory Sale ($160 each) Purchase Sale ($175 each) Purchase Sale ($185 each) Units 8 5 10 8 10 11 11 Unit Cost $147 137 127 117 For the specific identification method, the August 4 sale consists of rackets from beginning inventory, the August 13 sale consists of rackets from the August 11 purchase, and the August 26 sale consists of one racket from beginning inventory and 10 rackets from the August 20 purchase. Required 1 Required 2 Required: 1. Calculate ending inventory and cost of goods sold at August 31, using the specific identification method. 2. Using…
ss.3
please answer question
Calculate ending inventory, cost of goods sold, sales revenue, and gross profit for four inventory methods (LO6-3, 6-4, 6-5) Ariana Bicycle Shop has the following transactions related to its top-selling Mongoose mountain bike for the month of March. Ariana Bicycle Shop uses a periodic inventory system. Date Transactions Units Unit Cost Total Cost March 1 Beginning inventory 20 $235 $4,700 March 5 Sale ($370 each) 15 March 9 Purchase 10 255 2,550 March 17 Sale ($420 each) 8 March 22 Purchase 10 265 2,650 March 27 Sale ($445 each) 12 March 30 Purchase 9 285 2,565 $12,465 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. Required: 1. 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.] Wernerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Activities Units Sold at Retail Units Acquired at Cost 100 units e $67.00 per unit 400 units e $72.00 per unit Date 1 Beginning iventory Mar. Mar. 5 Purchase Mar, 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales 428 units e $182.00 per unit 120 units e $77.00 per unit 200 units e $79.00 per unit 168 unitse $112.80 per unit Totals 82e units 588 units 4. Compute gross profit esmed by the company for each of the four costing methods. For specific identification, the March 9 sale consisted of 80 units from beginning inventory and 340 units from the March 5 purchese; the March 29 sale consisted of 40 units from the March 18 purchase and 120 units from the March 25 purchose. (Round welghted average cost per unit to two decimals and final answers to nearest whole…
urrent ALLE empt mFIogress Flint Corporation uses a perpetual inventory system reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 120 $6 $720 12 Purchases 360 2,520 23 Purchases 240 1,920 30 Inventory 250 I Calculate the average cost per unit, using a perpetual inventory system. Assume a sale of 420 units occurred on June 15 for a selling price of $9 and a sale of 50 units on June 27 for $10. (Round answers to 3 decimal places, e.g. 5.125.) June 1 %24 June 12 $ June 15 $ 7:59 acer 7.
find cost of goods sold ending inventory and gross margin using FIFO and weighted average Kindly answer in text with all workings
Question 3 Use the following information for question 3 (i) and (ii). (i) Beacon Factory, Inc. uses a perpetual inventory system. The company's beginning inventory and purchases of a particular product during the month of May were as follows: Quantity Unit Cost ($) Beginning inventory (1 May) 32 5 Purchases (11 May.) 46 7.5 Purchase (25 May.) 28 6 On 24 May, Beacon Factory, Inc. sold 50 units of this product. The other units remained in inventory at 3 1 May. (i) Refer to the above data. Assuming that Beacon Factory uses the FIFO flow assumption, the ending inventory at 31 May is: A: $268. B: $295. C: $378. D: $405. (ii) Refer to the above data. Assuming that Beacon Factory uses the weighted average cost flow assumption, the cost of goods sold to be recorded at 24 May is: A: $323. B: $308. C: $273 D: $347.
vishu subject-Accounting
Please don't provide answer in image format thank you