Question

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			Transactions	Units				Unit Cost				Total Cost
March	1		Beginning inventory		20			$	250				$	5,000
March	5		Sale ($400 each)		15
March	9		Purchase		10				270					2,700
March	17		Sale ($450 each)		8
March	22		Purchase		10				280					2,800
March	27		Sale ($475 each)		12
March	30		Purchase		9				300					2,700
													$	13,200

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.

rev: 04_13_2020_QC_CS-208026

2. Using FIFO, calculate ending inventory and cost of goods sold at March 31.
  

Ending Inventory
Cost of good sold

3. Using LIFO, calculate ending inventory and cost of goods sold at March 31.
  

Ending Inventory
Cost of good sold

4. Using weighted-average cost, calculate ending inventory and cost of goods sold at March 31. (Round your intermediate and final answers to 2 decimal places.)

Ending Inventory
Cost of good sold

5. Calculate sales revenue and gross profit under each of the four methods. (Round weighted-average cost amounts to 2 decimal places.)

	Specific Identification	FIFO	LIFO	Weighted- Average cost
Sales Revenue	$	$	$	$
Gross profit	$	$	$	$

Answer 1