A-7 Problem 6-2A (Algo) Calculate ending inventory, cost of goods sold, sales revenue, and gross profit forfour inventory methods (LO6-3, 6-4, 6-5)George Bicycle Shop has the following transactions related to its top-selling Mongoose mountain bike for the month of March. GeorgeBicycle Shop uses a periodic inventory system.DateMarch 1March 5March 9March 17March 22March 27March 30TransactionsBeginning inventorySale ($220 each)PurchaseSale ($270 each)PurchaseSale ($295 each)PurchaseUnits201510810128Unit Cost$160188190210Total Cost$3,2001,8001,9001,680$8,580For the specific identification method, the March 5 sale consists of bikes from beginning inventory, the March 17 sale consists of bikesfrom the March 9 purchase, and the March 27 sale consists of four bikes from beginning inventory and eight bikes from the March 22purchase.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 ending inventory and cost of goods sold at March 31.4. Using weighted-average cost, calculate ending inventory and cost of goods sold at March 31.5. Calculate sales revenue and gross profit under each of the four methods.6. Comparing FIFO and LIFO, which one provides the more meaningful measure of ending inventory?7. If George Bicycle Shop chooses to report inventory using LIFO instead of FIFO, record the LIFO adjustment.

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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 ending inventory and cost of goods sold at March 31.

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 ending inventory and cost of goods sold at March 31.

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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