Question

Greg’s Bicycle Shop has the following transactions related to its top-selling Mongoose mountain bike for the...

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 $ 205 $ 4,100
March 5 Sale ($310 each) 15
March 9 Purchase 10 225 2,250
March 17 Sale ($360 each) 8
March 22 Purchase 10 235 2,350
March 27 Sale ($385 each) 12
March 30 Purchase 9 255 2,295
$ 10,995

  rev: 02_28_2017_QC_CS-80932

Required:

1. Calculate ending inventory and cost of goods sold at March 31, using 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.

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. If Greg’s Bicycle Shop chooses to report inventory using LIFO instead of FIFO, record the LIFO adjustment.

Homework Answers

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Greg’s Bicycle Shop has the following transactions related to its top-selling Mongoose mountain bike for the...
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    $225       $ 4,500        March 5 Sale ($350 each) 15      March 9 Purchase 10    245       2,450        March 17 Sale ($400 each) 8      March 22 Purchase 10    255       2,550        March 27 Sale ($425...
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...
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...
Problem 6-2A Calculate ending inventory, cost of goods sold, sales revenue, and gross profit for four...
Problem 6-2A Calculate ending inventory, cost of goods sold, sales revenue, and gross profit for four inventory methods (LO6-3, 6-8) [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 $195 $ 3,900 March 5 Sale ($290 each) 15 March 9...
Required information Problem 6-2A Calculate ending inventory, cost of goods sold, sales revenue, and gross profit...
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 Transactions Units Unit Cost Total Cost March 1 Beginning inventory 20 $ 250 $ 5,000 March 5 Sale ($400 each)...
Sandra’s Purse Boutique has the following transactions related to its top-selling Gucci purse for the month...
Sandra’s Purse Boutique has the following transactions related to its top-selling Gucci purse for the month of October. Sandra's Purse Boutique uses a periodic inventory system. Date Transactions Units Unit Cost Total Cost October 1 Beginning inventory 6 $ 850 $ 5,100 October 4 Sale 4 October 10 Purchase 5 860 4,300 October 13 Sale 3 October 20 Purchase 4 870 3,480 October 28 Sale 7 October 30 Purchase 8 880 7,040 $ 19,920 2. Using FIFO, calculate ending inventory...
Sandra’s Purse Boutique has the following transactions related to its top-selling Gucci purse for the month...
Sandra’s Purse Boutique has the following transactions related to its top-selling Gucci purse for the month of October. Sandra's Purse Boutique uses a periodic inventory system. Date Transactions Units Unit Cost Total Cost October 1 Beginning inventory 6 $ 850 $ 5,100 October 4 Sale 4 October 10 Purchase 5 860 4,300 October 13 Sale 3 October 20 Purchase 4 870 3,480 October 28 Sale 7 October 30 Purchase 8 880 7,040 $ 19,920 3. Using LIFO, calculate ending inventory...
Sandra’s Purse Boutique has the following transactions related to its top-selling Gucci purse for the month...
Sandra’s Purse Boutique has the following transactions related to its top-selling Gucci purse for the month of October. Sandra's Purse Boutique uses a periodic inventory system. Date Transactions Units Unit Cost Total Cost October 1 Beginning inventory 6 $ 850 $ 5,100 October 4 Sale 4 October 10 Purchase 5 860 4,300 October 13 Sale 3 October 20 Purchase 4 870 3,480 October 28 Sale 7 October 30 Purchase 8 880 7,040 $ 19,920 1. Calculate ending inventory and cost...
Sandra’s Purse Boutique has the following transactions related to its top-selling Gucci purse for the month...
Sandra’s Purse Boutique has the following transactions related to its top-selling Gucci purse for the month of October. Sandra's Purse Boutique uses a periodic inventory system. Date Transactions Units Unit Cost Total Cost October 1 Beginning inventory 6 $ 850 $ 5,100 October 4 Sale 4 October 10 Purchase 5 860 4,300 October 13 Sale 3 October 20 Purchase 4 870 3,480 October 28 Sale 7 October 30 Purchase 8 880 7,040 $ 19,920 2. Using FIFO, calculate ending inventory...
Sandra’s Purse Boutique has the following transactions related to its top-selling Gucci purse for the month...
Sandra’s Purse Boutique has the following transactions related to its top-selling Gucci purse for the month of October. Sandra's Purse Boutique uses a periodic inventory system. Date Transactions Units Unit Cost Total Cost October 1 Beginning inventory 6 $ 850 $ 5,100 October 4 Sale 4 October 10 Purchase 5 860 4,300 October 13 Sale 3 October 20 Purchase 4 870 3,480 October 28 Sale 7 October 30 Purchase 8 880 7,040 $ 19,920 Using weighted-average cost, calculate ending inventory...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT