Question: PLEASE help! and slove with the RIGHT answer Greg's Bicycle Shop has the following transactions related to its top-selling Mongoose mountain bike for the month
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 Dat Tractions Unit Unit Cost Total Cost March Beginning inventory 20 $ 195 $ 3,900 March 5 Sale (5100h) 15 March Purchase 10 215 March 2 2,150 Sale (5340 zach March 22 Purchase 20 225 2,250 March 22 sale (405 ach) 12 March 30 Purchase 245 1.215 $10,015 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 5. Calculate sales revenue and gross profit under each of the four methods. (Round weighted-average cost amounts to 2 decimal places.) Sales revenue Cost of goods sold Gross profit Specific Identification FIFO LIFO Weighted average cost $ 11,450 $ 11,450 $ 11,450 $ 11.450.00 7225 7.175 7.458.00 5 4 2255 4 275 $ 3.99200
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
