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. Transactions Total Cost Date March 1 Beginning inventory Units 20 Unit Cost $200 $ 4,000 March 5 Sale ($300 each) 15 March 9 Purchase 10 220 2,200 March 17 Sale ($350 each) 8 March 22 March 27 March 30 Purchase 10 230 2,300 Sale ($375 each) Purchase 12 8 250 2,000 $10,500 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. Problem 6-2A Part 5 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 Weighted- FIFO LIFO average cost
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. Transactions Total Cost Date March 1 Beginning inventory Units 20 Unit Cost $200 $ 4,000 March 5 Sale ($300 each) 15 March 9 Purchase 10 220 2,200 March 17 Sale ($350 each) 8 March 22 March 27 March 30 Purchase 10 230 2,300 Sale ($375 each) Purchase 12 8 250 2,000 $10,500 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. Problem 6-2A Part 5 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 Weighted- FIFO LIFO average cost
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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