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Date March 1 Transactions Beginning inventory Units 20 Unit Cost Total Cost $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 March 30 Sale ($455 each) Purchase 12 7 290 2,030 $12,130 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 sales revenue and gross profit under each of the four methods. (Round weighted-average unit cost amou decimal places.) Specific Identification FIFO LIFO Weighted- average Cost Sales revenue Gross profit < Required 4 Required 6 >

Date March 1 Transactions Beginning inventory Units 20 Unit Cost Total Cost $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 March 30 Sale ($455 each) Purchase 12 7 290 2,030 $12,130 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 sales revenue and gross profit under each of the four methods. (Round weighted-average unit cost amou decimal places.) Specific Identification FIFO LIFO Weighted- average Cost Sales revenue Gross profit < Required 4 Required 6 >

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Date March 1 Transactions Beginning inventory Units 20 Unit Cost Total Cost $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 March 30 Sale ($455 each) Purchase 12 7 290 2,030 $12,130 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 sales revenue and gross profit under each of the four methods. (Round weighted-average unit cost amou decimal places.) Specific Identification FIFO LIFO Weighted- average Cost Sales revenue Gross profit < Required 4 Required 6 >
Transcribed Image Text:Date March 1 Transactions Beginning inventory Units 20 Unit Cost Total Cost $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 March 30 Sale ($455 each) Purchase 12 7 290 2,030 $12,130 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 sales revenue and gross profit under each of the four methods. (Round weighted-average unit cost amou decimal places.) Specific Identification FIFO LIFO Weighted- average Cost Sales revenue Gross profit < Required 4 Required 6 >
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