Question
In: Accounting
[The following information applies to the questions displayed below.] Greg’s Bicycle Shop has the following transactions...
[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 | Cost per Unit |
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 | ||||
5. Calculate sales revenue and gross profit under each of the four methods.(Round weighted-average cost amounts to 2 decimal places.)
7. If Greg’s Bicycle Shop chooses to report inventory using LIFO instead of FIFO, record the LIFO adjustment. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Solutions
ekkarill92 answered 1 year agoRelated Solutions
[The following information applies to the questions displayed below.] Greg’s Bicycle Shop has the following transactions...
[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
Cost per
Unit
Total Cost
March 1
Beginning inventory
20
$160
$
3,200
March 5
Sale ($220 each)
15
March 9
Purchase
10
180
1,800
March 17
Sale ($270 each)
8
March 22
Purchase
10...
Required information [The following information applies to the questions displayed below.] Greg’s Bicycle Shop has the...
Required information
[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
$
180
$
3,600
March
5
Sale ($260 each)
15
March
9
Purchase
10
200
2,000
March
17
Sale ($310 each)
8
March
22
Purchase
10
210
2,100
March
27...
rmation applies to the questions displayed below.] Greg’s Bicycle Shop has the following transactions related to...
rmation 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
$
235
$
4,700
March
5
Sale ($370 each)
15
March
9
Purchase
10
255
2,550
March
17
Sale ($420 each)
8
March
22
Purchase
10
265
2,650
March
27
Sale ($445 each)
12...
[The following information applies to the questions displayed below.] The Shirt Shop had the following transactions...
[The following information applies to the questions
displayed below.]
The Shirt Shop had the following transactions for T-shirts for
Year 1, its first year of operations:
Jan. 20
Purchased
470
units
@
$
7
=
$
3,290
Apr. 21
Purchased
270
units
@
$
9
=
2,430
July 25
Purchased
350
units
@
$
12
=
4,200
Sept. 19
Purchased
160
units
@
$
14
=
2,240
During the year, The Shirt Shop sold 1,020 T-shirts for $23
each.
Required...
[The following information applies to the questions displayed below.] The Shirt Shop had the following transactions...
[The following information applies to the questions displayed
below.] The Shirt Shop had the following transactions for T-shirts
for Year 1, its first year of operations: Jan. 20 Purchased 600
units @ $ 7 = $ 4,200 Apr. 21 Purchased 400 units @ $ 9 = 3,600
July 25 Purchased 480 units @ $ 12 = 5,760 Sept. 19 Purchased 290
units @ $ 14 = 4,060 During the year, The Shirt Shop sold 1,410
T-shirts for $23 each. c....
[The following information applies to the questions displayed below.] The following are the transactions for the...
[The following information applies to the questions
displayed below.]
The following are the transactions for the month of July.
Units
Unit Cost
Unit Selling Price
July 1
Beginning Inventory
59
$10
July 13
Purchase
295
13
July 25
Sold
(100)
$15
July 31
Ending Inventory
254
M7-7 Calculating Cost of Goods Available for Sale,
Ending Inventory, Sales, Cost of Goods Sold, and Gross Profit under
Periodic FIFO [LO 7-3]
a. Calculate cost of goods available for sale and ending
inventory,...
Required information [The following information applies to the questions displayed below.] The following are the transactions...
Required information [The following information applies to the
questions displayed below.] The following are the transactions for
the month of July. Units Unit Cost Unit Selling Price July 1
Beginning Inventory 45 $ 10 July 13 Purchase 225 13 July 25 Sold
(100 ) $ 15 July 31 Ending Inventory 170 Calculate cost of goods
available for sale and ending inventory, then sales, cost of goods
sold, and gross profit, under LIFO. Assume a periodic inventory
system is used.
LIFO...
Required information [The following information applies to the questions displayed below.] The following are the transactions...
Required information
[The following information applies to the questions
displayed below.]
The following are the transactions for the month of July.
Units
Unit Cost
Unit Selling Price
July 1
Beginning Inventory
54
$
10
July 13
Purchase
270
12
July 25
Sold
(100
)
$
16
July 31
Ending Inventory
224
Calculate cost of goods available for sale and ending inventory,
then sales, cost of goods sold, and gross profit, under weighted
average cost. Assume a periodic inventory system is...
Required information [The following information applies to the questions displayed below.] The Shirt Shop had the...
Required information
[The following information applies to the questions
displayed below.]
The Shirt Shop had the following transactions for T-shirts for
Year 1, its first year of operations:
Jan. 20
Purchased
530
units
@
$
8
=
$
4,240
Apr. 21
Purchased
330
units
@
$
10
=
3,300
July 25
Purchased
410
units
@
$
13
=
5,330
Sept. 19
Purchased
220
units
@
$
15
=
3,300
During the year, The Shirt Shop sold 1,200 T-shirts for $24...
Required information [The following information applies to the questions displayed below.] The following transactions apply to...
Required information [The following information applies to the
questions displayed below.] The following transactions apply to
Ozark Sales for 2018: The business was started when the company
received $49,000 from the issue of common stock. Purchased
equipment inventory of $178,000 on account. Sold equipment for
$195,500 cash (not including sales tax). Sales tax of 7 percent is
collected when the merchandise is sold. The merchandise had a cost
of $120,500. Provided a six-month warranty on the equipment sold.
Based on...
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