Problem 6-2A Calculate ending inventory, cost of goods sold, sales revenue, and gross profit for four inventory 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 of March. Greg's Bicycie Shop uses a periodic inventory system. Date March 1 March 5 Transactions Beginning inventory Sale (5390 esch) Units 20 Unit Cost S 245 Total Cost $ 4,900 15 March o Purchace 10 265 2,650 March 17 Sale ($440 esch) March 22 Purchase March 27 Sale (5465 each) 10 275 2, 750 12 March 30 Purchase 295 2, 300 $12, 660 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 sole consists of four bikes from beginning inventory and eight bikes trom the March 22 purchase. Problem 6-2A Part 1 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
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Chapter1: Financial Statements And Business Decisions
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Problem 6-2A Calculate ending inventory, cost of goods sold, sales revenue, and gross profit for four
inventory 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 of
March. Greg's Bicycle Shop uses a periodic inventory system.
Date
March
March
March
Transactions
Eeginning inventory
Sale ($390 each)
Units
20
15
Unit Cost
$ 245
Total Cost
$ 4,900
1
5
Purchace
10
265
2, 65e
March
17
Sale ($440 esch)
March
22
Purchase
10
275
2,750
March
Sale (5465 each)
27
12
2, 300
$12, 660
March
30
Purchase
295
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 trom the March 22 purchase.
Problem 6-2A Part 1
Required:
1. Calculate ending inventory and cost of goods sold at March 31, using the specific identification method.
Ending inventory
Cost of goods sold
Transcribed Image Text:Required information Problem 6-2A Calculate ending inventory, cost of goods sold, sales revenue, and gross profit for four inventory 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 of March. Greg's Bicycle Shop uses a periodic inventory system. Date March March March Transactions Eeginning inventory Sale ($390 each) Units 20 15 Unit Cost $ 245 Total Cost $ 4,900 1 5 Purchace 10 265 2, 65e March 17 Sale ($440 esch) March 22 Purchase 10 275 2,750 March Sale (5465 each) 27 12 2, 300 $12, 660 March 30 Purchase 295 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 trom the March 22 purchase. Problem 6-2A Part 1 Required: 1. Calculate ending inventory and cost of goods sold at March 31, using the specific identification method. Ending inventory Cost of goods sold
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