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	$215	$4,300
March 5	Sale ($330 each)	15
March 9	Purchase	10	235	$2,350
March 17	Sale ($380 each)	8
March 22	Purchase	10	245	$2,450
March 27	Sale ($405 each)	12
March 30	Purchase	8	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 four bikes from beginning inventory and eight bikes from the March 22 purchase.

1. Calculate ending inventory and cost of goods sold at March 31, using the specific identification method.

Ending Inventory	$
Cost of goods sold	$

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

Ending Inventory	$
Cost of goods sold	$

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

Ending Inventory	$
Cost of goods 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 goods 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-averaged Cost
Sales Revenue
Gross Profit

Answer 1