**Educational Content: Inventory Management****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)****Context:**The case presented below revolves around Greg's Bicycle Shop and its transactions in March concerning the top-selling Mongoose mountain bikes. Greg's Bicycle Shop utilizes a periodic inventory system.**Transaction Details:**- **March 1:** Beginning inventory of 20 units at $215 each, totaling $4,300.- **March 5:** Sale of 15 units at $330 each.- **March 9:** Purchase of 10 units at $235 each, totaling $2,350.- **March 17:** Sale of 18 units at $380 each.- **March 22:** Purchase of 12 units at $245 each, totaling $2,450.- **March 27:** Sale of 12 units at $405 each.- **March 30:** Purchase of 8 units at $265 each, totaling $2,120.**Total Cost of Inventory by March 30: $11,220****Specific Identification Method Context:**- The March 5 sale is fulfilled using bikes from the beginning inventory.- The March 17 sale uses bikes from the March 9 purchase.- The March 27 sale includes four bikes from the beginning inventory and eight bikes from the March 22 purchase.**Problem 6-2A Part 1:****Objective:**1. **Calculate the Ending Inventory and Cost of Goods Sold as of March 31, utilizing the Specific Identification Method.**

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Description: **Educational Content: Inventory Management****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)****Context:**The case presented below revolves around Greg's Bi

Computation of ending inventory under the specific identification method is as follows: The…

Business

Accounting

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 Beginning inventory Sale ($330 each) Purchase Sale ($380 each) Purchase Sale ($405 each) Purchase Units 20 15 Unit Cost $215 Total Cost $ 4,300 10 235 2,350 March 17 March 22 March 27 March 30 245 10 12 8 2,450 265 2,120 $11,220 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 for bikes from beginning inventory and eight bikes from 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. Fnding invantorv ... Next > 7. 11 of 22 < Prev 5. ...

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 Beginning inventory Sale ($330 each) Purchase Sale ($380 each) Purchase Sale ($405 each) Purchase Units 20 15 Unit Cost $215 Total Cost $ 4,300 10 235 2,350 March 17 March 22 March 27 March 30 245 10 12 8 2,450 265 2,120 $11,220 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 for bikes from beginning inventory and eight bikes from 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. Fnding invantorv ... Next > 7. 11 of 22 < Prev 5. ...

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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Required information Skip to question [The following information applies to the questions displayed below.]Sara's Boutique has the following transactions related to its top-selling Gucci purse for the month of October. Sara's Boutique uses a periodic inventory system. Date Transactions Units Unit Cost Total Cost October 1 Beginning inventory 6 $810 $4,860 October 4 Sale 4 October 10 Purchase 5 820 4,100 October 13 Sale 3 October 20 Purchase 4 830 3,320 October 28 Sale 7 October 30 Purchase 7 840 5,880 $18,160 4. Using weighted-average cost, calculate ending inventory and cost of goods sold at October 31. (Round your intermediate calculations to 4 decimal places and final answers to 2 decimal places.)
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