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

Transcribed Image Text:

George Bicycle Shop has the following transactions related to its top-selling Mongoose mountain bike for the month of March. George Bicycle Shop uses a periodic inventory system. Transactions Beginning inventory Date March 1 Units 20 Unit Cost Total Cost $190 $3,800 March 5 Sale ($280 each) 15 March 91 Purchase 10 210 2,100 March 17 March 22 Sale ($330 each) Purchase 8 10 220 2,200 March 27 March 30 Sale ($355 each) Purchase 12 8 240 1,920 $10,020 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. Required: 1. Calculate ending inventory and cost of goods sold at March 31, using the specific identification method. 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. Comparing FIFO and LIFO, which one provides the more meaningful measure of ending inventory? 7. If George Bicycle Shop chooses to report inventory using LIFO instead of FIFO, record the LIFO adjustment. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Calculate ending inventory and cost of goods sold at March 31, using the specific identification method. Ending inventory Cost of goods sold < Required 1 Required 2 > Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Using FIFO, calculate ending inventory and cost of goods sold at March 31. Ending inventory Cost of goods sold < Required 1 Required 3 > Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Using LIFO, calculate ending inventory and cost of goods sold at March 31. Ending inventory Cost of goods sold < Required 2 Required 4 > Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Using weighted-average cost, calculate ending inventory and cost of goods sold at March 31. (Round your intermediate calculations to 4 decimal places and final answers to 2 decimal places.) Ending inventory Cost of goods sold < Required 3 Required 5 > Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Calculate sales revenue and gross profit under each of the four methods. (Round weighted-average unit cost amounts to 4 decimal places.) Specific Identification FIFO LIFO Weighted- average Cost Sales revenue Gross profit < Required 4 Required 6 > Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Comparing FIFO and LIFO, which one provides the more meaningful measure of ending inventory? Comparing FIFO and LIFO, which one provides the more meaningful measure of ending inventory? < Required 5 Required 7 > Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 If George 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.) View transaction list Journal entry worksheet < 1 Record the LIFO adjustment. Note: Enter debits before credits. Date March 31 General Journal Debit Credit George Bicycle Shop has the following transactions related to its top-selling Mongoose mountain bike for the month of March. George Bicycle Shop uses a periodic inventory system. Transactions Beginning inventory Date March 1 Units 20 Unit Cost Total Cost $190 $3,800 March 5 Sale ($280 each) 15 March 91 Purchase 10 210 2,100 March 17 March 22 Sale ($330 each) Purchase 8 10 220 2,200 March 27 March 30 Sale ($355 each) Purchase 12 8 240 1,920 $10,020 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. Required: 1. Calculate ending inventory and cost of goods sold at March 31, using the specific identification method. 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. Comparing FIFO and LIFO, which one provides the more meaningful measure of ending inventory? 7. If George Bicycle Shop chooses to report inventory using LIFO instead of FIFO, record the LIFO adjustment. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Calculate ending inventory and cost of goods sold at March 31, using the specific identification method. Ending inventory Cost of goods sold < Required 1 Required 2 > Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Using FIFO, calculate ending inventory and cost of goods sold at March 31. Ending inventory Cost of goods sold < Required 1 Required 3 > Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Using LIFO, calculate ending inventory and cost of goods sold at March 31. Ending inventory Cost of goods sold < Required 2 Required 4 > Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Using weighted-average cost, calculate ending inventory and cost of goods sold at March 31. (Round your intermediate calculations to 4 decimal places and final answers to 2 decimal places.) Ending inventory Cost of goods sold < Required 3 Required 5 > Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Calculate sales revenue and gross profit under each of the four methods. (Round weighted-average unit cost amounts to 4 decimal places.) Specific Identification FIFO LIFO Weighted- average Cost Sales revenue Gross profit < Required 4 Required 6 > Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Comparing FIFO and LIFO, which one provides the more meaningful measure of ending inventory? Comparing FIFO and LIFO, which one provides the more meaningful measure of ending inventory? < Required 5 Required 7 > Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 If George 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.) View transaction list Journal entry worksheet < 1 Record the LIFO adjustment. Note: Enter debits before credits. Date March 31 General Journal Debit Credit