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Calculate sales revenue and gross profit under each of the

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Greg's Bicycle Shop has the following transactions related to its top-selling Mongoose mountain bike for the month of March 2015. Greg's Bicycle Shop uses a periodic inventory system.

  Date Transactions Units Cost per
Unit		 Total Cost
March 1 Beginning inventory 20    $240       $ 4,800     
March 5 Sale ($380 each) 15   


March 9 Purchase 10    260      
2,600     
March 17 Sale ($430 each) 8   


March 22 Purchase 10    270      
2,700     
March 27 Sale ($455 each) 12   


March 30 Purchase 7    290      
2,030     










$ 12,130     






Required:
1.

Calculate ending inventory and cost of goods sold at March 31, 2015, 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, 2015.
3.

Using LIFO, calculate ending inventory and cost of goods sold at March 31, 2015.

4.

Using weighted-average cost, calculate ending inventory and cost of goods sold at March 31, 2015.(Round your intermediate and final answers to 2 decimal places.)

5.

Calculate sales revenue and gross profit under each of the four methods. (Round weighted-average cost amounts to 2 decimal places.)

Reference no: EM13589974

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